Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'merc | ' |
Entity Registrant Name | 'MERCER INTERNATIONAL INC. | ' |
Entity Central Index Key | '0001333274 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 55,853,704 |
INTERIM_CONSOLIDATED_BALANCE_S
INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited) (EUR €) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | € 134,168 | € 104,239 |
Receivables | 97,303 | 110,087 |
Inventories (Note 2) | 122,604 | 118,300 |
Prepaid expenses and other | 12,395 | 7,907 |
Deferred income tax | 4,235 | 4,465 |
Total current assets | 370,705 | 344,998 |
Long-term assets | ' | ' |
Property, plant and equipment | 777,415 | 808,878 |
Deferred note issuance and other | 14,138 | 12,162 |
Deferred income tax | 14,226 | 17,565 |
Total noncurrent assets | 805,779 | 838,605 |
Total assets | 1,176,484 | 1,183,603 |
Current liabilities | ' | ' |
Accounts payable and other | 103,155 | 89,950 |
Pension and other post-retirement benefit obligations (Note 4) | 767 | 813 |
Debt (Note 3) | 43,802 | 45,662 |
Total current liabilities | 147,724 | 136,425 |
Long-term liabilities | ' | ' |
Debt (Note 3) | 676,447 | 665,741 |
Unrealized interest rate derivative losses (Note 10) | 36,759 | 50,678 |
Pension and other post-retirement benefit obligations (Note 4) | 30,737 | 32,141 |
Capital leases and other | 14,505 | 13,936 |
Deferred income tax | 7,639 | 5,757 |
Total long-term liabilities | 766,087 | 768,253 |
Total liabilities | 913,811 | 904,678 |
Shareholders' equity | ' | ' |
Share capital (Note 5) | 248,923 | 248,371 |
Paid-in capital | -10,425 | -3,547 |
Retained earnings | 13,244 | 25,800 |
Accumulated other comprehensive income | 18,630 | 25,181 |
Total shareholders' equity | 270,372 | 295,805 |
Noncontrolling interest (deficit) (Note 9) | -7,699 | -16,880 |
Total equity | 262,673 | 278,925 |
Total liabilities and equity | 1,176,484 | 1,183,603 |
Commitments and contingencies (Note 12) | ' | ' |
INTERIM_CONSOLIDATED_STATEMENT
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (EUR €) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Pulp | € 186,100 | € 205,122 | € 559,879 | € 590,597 |
Energy and chemicals | 17,021 | 18,153 | 51,660 | 55,098 |
Total revenues | 203,121 | 223,275 | 611,539 | 645,695 |
Costs and expenses | ' | ' | ' | ' |
Operating costs | 166,054 | 191,083 | 518,032 | 531,470 |
Operating depreciation and amortization | 14,632 | 14,972 | 44,107 | 43,784 |
Gross profit | 22,435 | 17,220 | 49,400 | 70,441 |
Selling, general and administrative expenses | 9,437 | 10,006 | 27,695 | 28,688 |
Restructuring expenses (Note 8) | 2,926 | 0 | 2,926 | 0 |
Operating income (loss) | 10,072 | 7,214 | 18,779 | 41,753 |
Other income (expense) | ' | ' | ' | ' |
Interest expense | -13,018 | -14,084 | -39,305 | -42,080 |
Gain (loss) on derivative instruments (Note 10) | 1,978 | -883 | 12,091 | 1,336 |
Other income (expense) | 172 | 517 | 108 | -261 |
Total other income (expense) | -10,868 | -14,450 | -27,106 | -41,005 |
Income (loss) before income taxes | -796 | -7,236 | -8,327 | 748 |
Income tax benefit (provision) - current | -1,057 | -870 | 2,022 | -7,207 |
Income tax benefit (provision) - deferred | 115 | -1,040 | -4,456 | 2,300 |
Net income (loss) | -1,738 | -9,146 | -10,761 | -4,159 |
Less: net income attributable to noncontrolling interest | -482 | -566 | -1,795 | -2,865 |
Net income (loss) attributable to common shareholders | -€ 2,220 | -€ 9,712 | -€ 12,556 | -€ 7,024 |
Net income (loss) per share attributable to common shareholders (Note 7) | ' | ' | ' | ' |
Net income (loss) per share attributable to common shareholders, basic and diluted | -€ 0.04 | -€ 0.17 | -€ 0.23 | -€ 0.13 |
INTERIM_CONSOLIDATED_STATEMENT1
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (EUR €) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interim Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income (loss) | -€ 1,738 | -€ 9,146 | -€ 10,761 | -€ 4,159 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' |
Foreign currency translation adjustments (net of tax effects of (843), (328), (554), 197) | 3,778 | 7,582 | -7,453 | 8,395 |
Change in unrecognized losses and prior service costs related to defined benefit plans (net of tax effects of nil in all periods) | 268 | -327 | 920 | -663 |
Unrealized gains (losses) on marketable securities, arising during the period (net of tax effects of nil in all periods) | -1 | 35 | -18 | 37 |
Other comprehensive income (loss), net of taxes | 4,045 | 7,290 | -6,551 | 7,769 |
Total comprehensive income (loss) | 2,307 | -1,856 | -17,312 | 3,610 |
Comprehensive income attributable to noncontrolling interest | -482 | -566 | -1,795 | -2,865 |
Comprehensive income (loss) attributable to common shareholders | € 1,825 | -€ 2,422 | -€ 19,107 | € 745 |
INTERIM_CONSOLIDATED_STATEMENT2
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (EUR €) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interim Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Foreign currency translation adjustment, tax effect | -€ 843 | -€ 328 | -€ 554 | € 197 |
Change in unrecognized losses and prior service costs related to defined benefit plans, tax effect | 0 | 0 | 0 | 0 |
Unrealized gains (losses) on marketable securities arising during the period, tax effect | € 0 | € 0 | € 0 | € 0 |
INTERIM_CONSOLIDATED_STATEMENT3
INTERIM CONSOLIDATED STATEMENTS OF RETAINED EARNINGS (Unaudited) (EUR €) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interim Consolidated Statements of Retained Earnings [Abstract] | ' | ' | ' | ' |
Net income (loss) attributable to common shareholders | -€ 2,220 | -€ 9,712 | -€ 12,556 | -€ 7,024 |
Retained earnings, beginning of period | 15,464 | 40,673 | 25,800 | 37,985 |
Retained earnings, end of period | € 13,244 | € 30,961 | € 13,244 | € 30,961 |
INTERIM_CONSOLIDATED_STATEMENT4
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (EUR €) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from (used in) operating activities | ' | ' | ' | ' |
Net income (loss) | -€ 1,738 | -€ 9,146 | -€ 10,761 | -€ 4,159 |
Adjustments to reconcile net income (loss) to cash flows from operating activities | ' | ' | ' | ' |
Unrealized loss (gain) on derivative instruments | -2,398 | 883 | -12,774 | -1,336 |
Depreciation and amortization | 14,694 | 15,054 | 44,298 | 43,992 |
Deferred income taxes | -115 | 1,040 | 4,456 | -2,300 |
Stock compensation expense | 621 | 891 | 1,194 | 1,753 |
Pension and other post-retirement expense, net of funding | 124 | -73 | 457 | -128 |
Other | 461 | 1,412 | 2,614 | 2,278 |
Changes in working capital | ' | ' | ' | ' |
Receivables | -696 | -14,122 | 11,349 | 901 |
Inventories | -15,248 | 5,834 | -7,355 | 9,276 |
Accounts payable and accrued expenses | 9,061 | 9,692 | 18,088 | 13,146 |
Other | 77 | -2,239 | -6,413 | -901 |
Net cash from (used in) operating activities | 4,843 | 9,226 | 45,153 | 62,522 |
Cash flows from (used in) investing activities | ' | ' | ' | ' |
Purchase of property, plant and equipment | -6,991 | -9,152 | -29,368 | -27,455 |
Proceeds on sale of property, plant and equipment | 233 | 48 | 248 | 387 |
Proceeds on maturity of marketable securities | 0 | 10,213 | 0 | 12,221 |
Net cash from (used in) investing activities | -6,758 | 1,109 | -29,120 | -14,847 |
Cash flows from (used in) financing activities | ' | ' | ' | ' |
Repayment of debt and purchase of notes | -22,174 | -15,544 | -42,719 | -27,254 |
Proceeds from issuance of notes and borrowings of debt | 39,607 | 0 | 56,607 | 0 |
Repayment of capital lease obligations | -396 | -508 | -1,497 | -1,567 |
Proceeds from (repayment of) credit facilities, net | -12,226 | 0 | 728 | 0 |
Payment of note issuance costs | -1,794 | 0 | -1,794 | -1,621 |
Proceeds from government grants | 0 | 778 | 4,147 | 3,100 |
Net cash from (used in) financing activities | 3,017 | -15,274 | 15,472 | -27,342 |
Effect of exchange rate changes on cash and cash equivalents | -1,367 | 221 | -1,576 | 764 |
Net increase (decrease) in cash and cash equivalents | -265 | -4,718 | 29,929 | 21,097 |
Cash and cash equivalents, beginning of period | 134,433 | 130,887 | 104,239 | 105,072 |
Cash and cash equivalents, end of period | 134,168 | 126,169 | 134,168 | 126,169 |
Cash paid during the period for | ' | ' | ' | ' |
Interest | 2,370 | 3,820 | 26,833 | 30,086 |
Income taxes | 1,972 | 370 | 3,500 | 3,389 |
Supplemental schedule of non-cash investing and financing activities | ' | ' | ' | ' |
Acquisition of production and other equipment under capital lease obligations | 803 | -186 | 1,218 | 588 |
Increase (decrease) in accounts payable and accrued purchases for property, plant and equipment | -1,418 | 1,472 | -3,860 | 3,375 |
Increase (decrease) in receivables of government grants for long-term assets | € 0 | -€ 200 | € 0 | -€ 2,533 |
The_Company_And_Summary_Of_Sig
The Company And Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
The Company And Summary Of Significant Accounting Policies [Abstract] | ' |
The Company And Summary Of Significant Accounting Policies | ' |
Note 1. The Company and Summary of Significant Accounting Policies | |
Basis of Presentation | |
The interim consolidated financial statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and its wholly-owned and majority-owned subsidiaries (collectively the "Company"). The Company's shares of common stock are quoted and listed for trading on both the NASDAQ Global Market and the Toronto Stock Exchange. | |
The interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). The year-end Consolidated Balance Sheet data was derived from audited financial statements. The footnote disclosure included herein has been prepared in accordance with accounting principles generally accepted for interim financial statements in the United States ("GAAP"). The interim consolidated financial statements should be read together with the audited consolidated financial statements and accompanying notes included in the Company's latest annual report on Form 10‑K for the fiscal year ended December 31, 2012. In the opinion of the Company, the unaudited interim consolidated financial statements contained herein contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. | |
The Company has three pulp mills that are aggregated into one reportable business segment, market pulp. Accordingly, the results presented are those of the reportable business segment. | |
In these interim consolidated financial statements, unless otherwise indicated, all amounts are expressed in Euros ("€"). The term "U.S. dollars" and the symbol "$" refer to United States dollars. The symbol "C$" refers to Canadian dollars. | |
Use of Estimates | |
Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, doubtful accounts and reserves, depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, derivative financial instruments, environmental conservation and legal liabilities, asset retirement obligations, pensions and post-retirement benefit obligations, income taxes, contingencies, and inventory obsolescence and provisions. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. | |
Inventories
Inventories | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Inventories | ' | |||||
Note 2. Inventories | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Raw materials | € | 47,769 | € | 46,028 | ||
Finished goods | 36,991 | 38,169 | ||||
Spare parts and other | 37,844 | 34,103 | ||||
€ | 122,604 | € | 118,300 | |||
Debt
Debt | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt [Abstract] | ' | |||||
Debt | ' | |||||
Note 3. Debt | ||||||
Debt consists of the following: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Note payable to bank, included in a total loan credit facility of €827,950 | ||||||
to finance the construction related to the Stendal mill (a) | € | 412,907 | € | 452,907 | ||
Senior notes, interest at 9.50% accrued and payable semi-annually, | ||||||
unsecured (b) | 248,642 | 215,670 | ||||
Credit agreement with a lender with respect to a revolving credit facility | ||||||
of C$40.0 million (c) | 5,029 | 4,574 | ||||
Term bank facility for a project at the Stendal mill of €17,000 (d) | 15,370 | - | ||||
Loans payable to the noncontrolling shareholder of the Stendal mill (e) | 37,757 | 36,620 | ||||
Investment loan agreement with a lender with respect to a project at | ||||||
the Rosenthal mill of €4,351 (f) | 544 | 1,632 | ||||
Credit agreement with a bank with respect to a revolving credit facility | ||||||
of €25,000 (g) | - | - | ||||
Credit agreement with a bank with respect to a revolving credit facility | ||||||
of €5,000 (h) | - | - | ||||
720,249 | 711,403 | |||||
Less: current portion | -43,802 | -45,662 | ||||
Debt, less current portion | € | 676,447 | € | 665,741 | ||
As of September 30, 2013, the maturities of debt are as follows: | ||||||
Matures | Amount | |||||
2013 | € | - | ||||
2014 | 43,802 | |||||
2015 | 47,584 | |||||
2016 | 52,613 | |||||
2017 | 576,250 | |||||
Thereafter | - | |||||
€ | 720,249 | |||||
Certain of the Company's debt instruments were issued under an indenture which, among other things, restricts its ability and the ability of its restricted subsidiaries to make certain payments. These limitations are subject to specific exceptions. As at September 30, 2013, the Company was in compliance with the terms of the indenture. | ||||||
Note 3. Debt (continued) | ||||||
(a)Note payable to bank, included in a total loan facility of €827,950 to finance the construction related to the Stendal mill ("Stendal Loan Facility"), interest at rates varying from Euribor plus 0.90% to Euribor plus 1.80% (rates on amounts of borrowing at September 30, 2013 range from 1.39% to 2.14%), principal due in required installments beginning September 30, 2006 until September 30, 2017, collateralized by the gross assets of the Stendal mill, with 48% and 32% guaranteed by the Federal Republic of Germany and the State of Saxony-Anhalt, respectively, of up to €352,907 of outstanding principal, subject to a debt service reserve account ("DSRA") for purposes of paying amounts due in the following 12 months under the terms of the Stendal Loan Facility; payment of dividends is only permitted if certain cash flow requirements are met. See Note 10 – Derivative Transactions for a discussion of the Company’s variable-to-fixed interest rate swap that was put in place to effectively fix the interest rate on the Stendal Loan Facility. | ||||||
On March 13, 2009, the Company finalized an agreement with its lenders to amend its Stendal Loan Facility. The amendment deferred approximately €164,000 of scheduled principal payments until the maturity date, September 30, 2017. The amendment also provided for a 100% cash sweep, referred to as the "Cash Sweep", of any cash, in excess of a €15,000 working capital reserve, the Guarantee Amount, as discussed in Note 12(a) – Commitments and Contingencies, and other amounts as contemplated in the amendment, held by Stendal which will be used first to fund the DSRA to a level sufficient to service the amounts due and payable under the Stendal Loan Facility during the then following 12 months, which means the DSRA is "Fully Funded", and second to prepay the deferred principal amounts. As at September 30, 2013, the DSRA balance was €32,996 and was not Fully Funded. | ||||||
On September 30, 2013, the Company amended the terms of the Stendal Loan Facility and Project Blue Mill facility (the “Facilities”) (Note 3(d)). The amendment included waiving compliance with the annual debt service cover ratio and the senior debt cover ratio under the Facilities until and including December 31, 2013; amending the senior debt cover ratio so that it now deducts the DSRA and other specified cash above a stipulated threshold in the calculation of senior debt; providing that a failure to satisfy the annual debt service cover ratio under the Facilities would only be an event of default when amounts in the DSRA plus certain cash reserves are below a specified threshold; and revising the calculation of amounts required to cure a senior debt cover ratio default. Pursuant to the amended agreement the Company made a capital investment of $20.0 million in Stendal. See Note 9 – Noncontrolling Interest for details of the investment. | ||||||
(b)On November 17, 2010, the Company completed a private offering of $300.0 million in aggregate principal amount of senior notes due 2017 ("Senior Notes"). The Senior Notes were issued at a price of 100% of their principal amount. The Senior Notes will mature on December 1, 2017 and bear interest at 9.50% which is accrued and payable semi-annually. | ||||||
In July 2013, the Company issued $50.0 million in aggregate principal amount of its Senior Notes. The additional notes were priced at 104.50% plus accrued interest from June 1, 2013. The net proceeds from the offering were $50.5 million, after deducting the underwriter’s discounts, offering expenses and accrued interest. The Company used the net proceeds from the offering to repay the revolving credit facilities of the Rosenthal and Celgar mills and for general corporate purposes. | ||||||
In June 2012, the Company’s Board of Directors authorized the purchase of up to €50,000 in aggregate principal amount of the Company’s Senior Notes from time to time, over a period ended June 2013. During the six month period ended June 30, 2013, the Company did not purchase any of its outstanding Senior Notes. During the twelve month period ended December 31, 2012, the Company purchased $2.0 million of its outstanding Senior Notes. | ||||||
The Senior Notes are general unsecured senior obligations of the Company. The Senior Notes rank equal in right of payment with all existing and future senior unsecured indebtedness of the Company and senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all borrowings of the Company's restricted subsidiaries, including borrowings under the Company's credit agreements which are secured by certain assets of its restricted subsidiaries. | ||||||
Note 3. Debt (continued) | ||||||
The Company may redeem all or a part of the Senior Notes, upon not less than 30 days' or more than 60 days' notice, at the redemption prices (expressed as percentages of principal amount) equal to 104.75% for the twelve month period beginning on December 1, 2014, 102.38% for the twelve month period beginning on December 1, 2015, and 100.00% beginning on December 1, 2016 and at any time thereafter, plus accrued and unpaid interest. | ||||||
(c)Credit agreement with respect to a revolving credit facility of up to C$40.0 million for the Celgar mill. The credit facility matures May 2016. Borrowings under the credit facility are collateralized by the mill's inventory and receivables and are restricted by a borrowing base calculated on the mill's inventory and receivables. Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.75% or Canadian prime plus 0.25%. U.S. dollar denominated amounts bear interest at LIBOR plus 1.75% or U.S. base plus 0.25%. As at September 30, 2013, this facility was accruing interest at a rate of approximately 2.97%, C$7.0 million of this facility was drawn, C$1.7 million of this facility was supporting letters of credit and approximately C$21.4 million was available. | ||||||
(d)A €17,000 amortizing term facility to partially finance a project, referred to as "Project Blue Mill", which is expected to increase the Stendal mill’s annual pulp production capacity by 30,000 air-dried metric tonnes and includes the installation of an additional 40 megawatt steam turbine. The facility, 80% of which is guaranteed by the State of Saxony-Anhalt, bears interest at a rate of Euribor plus 3.5% per annum. The interest period for the facility, at the choice of the Company, will be of one, three or six months duration and interest is paid on the last day of the interest period selected. The facility, together with accrued interest, is scheduled to mature in September 2017. The facility will be repaid semi-annually, commencing September 30, 2013, is collateralized by the gross assets of the Stendal mill, and will be non-recourse to the Company. As at September 30, 2013, the facility was accruing interest at a rate of approximately 3.84%. | ||||||
As part of this term facility, the Company was required to open an investment account with the lender for the purpose of managing project costs and is required to deposit all funding associated with Project Blue Mill in this account. As at September 30, 2013, the balance in the investment account was €1,339. | ||||||
(e)Loans of €26,760 payable by the Stendal mill to its noncontrolling shareholder bear interest at a rate of 1.00% per annum and are due in 2017, provided that the Project Blue Mill facility (Note 3(d)) and the Stendal Loan Facility (Note 3(a)) have been fully repaid on such date. The loans are unsecured, subordinated to all liabilities of the Stendal mill, non-recourse to the Company and its restricted subsidiaries. One of the loans, which has a principal amount of €440, may be repaid prior to October 1, 2017 if the DSRA has been Fully Funded for the first time and this loan is subordinated to all liabilities of the Stendal mill only until such time as the DSRA is Fully Funded for the first time. | ||||||
As at September 30, 2013, accrued interest on these loans was €10,997. As at December 31, 2012, accrued interest on these loans was €9,860. | ||||||
(f)A four-year amortizing investment loan agreement with a lender relating to the wash press project at the Rosenthal mill with a total facility of €4,351 bearing interest at the rate of Euribor plus 2.75% that matures February 2014. Borrowings under this agreement are secured by the wash press equipment. As at September 30, 2013, the balance outstanding was €544 and was accruing interest at a rate of 3.09%. | ||||||
(g)A €25,000 working capital facility at the Rosenthal mill that matures in October 2016. Borrowings under the facility are collateralized by the mill's inventory and receivables and bear interest at Euribor plus 3.50%. As at September 30, 2013, approximately €600 of this facility was supporting bank guarantees leaving approximately €24,400 available. | ||||||
(h)A €5,000 facility at the Rosenthal mill that matures in December 2015. Borrowings under this facility bear interest at the rate of the three-month Euribor plus 3.50% and are secured by certain land at the Rosenthal mill. As at September 30, 2013, approximately €1,100 of this facility was supporting bank guarantees leaving approximately €3,900 available. | ||||||
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefit Obligations | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Pension And Other Post-Retirement Benefit Obligations [Abstract] | ' | |||||||||||
Pension And Other Post-Retirement Benefit Obligations | ' | |||||||||||
Note 4. Pension and Other Post-Retirement Benefit Obligations | ||||||||||||
Included in pension and other post-retirement benefit obligations are amounts related to the Company's Celgar and Rosenthal mills. The largest component of this obligation is with respect to the Celgar mill which maintains a defined benefit pension plan and post-retirement benefit plans for certain employees ("Celgar Plans"). | ||||||||||||
Pension benefits are based on employees' earnings and years of service. The Celgar Plans are funded by contributions from the Company based on actuarial estimates and statutory requirements. Pension contributions during the three and nine month periods ended September 30, 2013 totaled €471 and €1,373, respectively (2012 – €481 and €1,493). | ||||||||||||
Effective December 31, 2008, the defined benefit plan was closed to new members. In addition, the defined benefit service accrual ceased on December 31, 2008, and members began to receive pension benefits, at a fixed contractual rate, under a new defined contribution plan effective January 1, 2009. During the three and nine month periods ended September 30, 2013, the Company made contributions of €148 and €439, respectively (2012 – €142 and €462) to this plan. | ||||||||||||
Information about the Celgar Plans, in aggregate for the three and nine month periods ended September 30, 2013 and September 30, 2012 is as follows: | ||||||||||||
Three Months ended September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||
Service cost | € | 25 | € | 141 | € | 29 | € | 145 | ||||
Interest cost | 344 | 208 | 393 | 226 | ||||||||
Expected return on plan assets | -399 | - | -421 | - | ||||||||
Recognized net loss | 269 | 22 | 291 | 1 | ||||||||
Net periodic benefit cost | € | 239 | € | 371 | € | 292 | € | 372 | ||||
Nine Months ended September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||
Service cost | € | 78 | € | 432 | € | 84 | € | 423 | ||||
Interest cost | 1,052 | 635 | 1,144 | 657 | ||||||||
Expected return on plan assets | -1,222 | - | -1,228 | - | ||||||||
Recognized net loss | 824 | 67 | 848 | 4 | ||||||||
Net periodic benefit cost | € | 732 | € | 1,134 | € | 848 | € | 1,084 | ||||
The Company participates in a multiemployer plan for hourly-paid employees at the Celgar mill. The contributions to this plan are determined based on an amount per hour worked pursuant to a collective bargaining agreement. The Company has no current or future contribution obligations in excess of the contractual contributions. During the three and nine month periods ended September 30, 2013, the Company made contributions of €369 and €1,130, respectively (2012 – €632 and €1,572) to this plan. | ||||||||||||
Share_Capital
Share Capital | 9 Months Ended |
Sep. 30, 2013 | |
Share Capital [Abstract] | ' |
Share Capital | ' |
Note 5. Share Capital | |
Common shares | |
The Company has authorized 200,000,000 common shares with a par value of $1 per share. | |
As at September 30, 2013, the Company had 55,853,704 common shares issued and outstanding. As at December 31, 2012, the Company had 55,815,704 common shares issued and outstanding. During the nine months ended September 30, 2013, the Company issued 38,000 restricted shares to directors of the Company. | |
Preferred shares | |
The Company has authorized 50,000,000 preferred shares with $1 par value issuable in series, of which 2,000,000 shares have been designated as Series A. The preferred shares may be issued in one or more series and with such designations and preferences for each series as shall be stated in the resolutions providing for the designation and issue of each such series adopted by the Board of Directors of the Company. The Board of Directors is authorized by the Company's articles of incorporation to determine the voting, dividend, redemption and liquidation preferences pertaining to each such series. As at September 30, 2013, no preferred shares had been issued by the Company. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |
Sep. 30, 2013 | ||
Stock-Based Compensation [Abstract] | ' | |
Stock-Based Compensation | ' | |
Note 6. Stock-Based Compensation | ||
The Company has a stock incentive plan (the "2010 Plan") which provides for options, restricted stock rights, restricted shares, performance shares, performance share units ("PSUs") and stock appreciation rights to be awarded to employees, consultants and non-employee directors. As at September 30, 2013, after factoring in all allocated shares, there remain approximately 1.1 million common shares available for grant pursuant to the 2010 Plan. | ||
During the nine month period ended September 30, 2013 there were no changes to the issued and outstanding restricted stock rights, performance shares, or stock appreciation rights. In September 2013, 100,000 options expired leaving 75,000 outstanding as at September 30, 2013. | ||
The following table summarizes PSU activity during the period: | ||
Number of PSUs | ||
Outstanding at January 1, 2012 | 795,312 | |
Granted | 55,478 | |
Forfeited | -64,661 | |
Outstanding at December 31, 2012 | 786,129 | |
Granted | 35,810 | |
Outstanding at September 30, 2013 | 821,939 | |
The following table summarizes restricted share activity during the period: | ||
Number of | ||
Restricted Shares | ||
Outstanding at January 1, 2012 | 238,000 | |
Granted | 36,500 | |
Vested | -78,000 | |
Outstanding at December 31, 2012 | 196,500 | |
Granted | 38,000 | |
Vested | -76,500 | |
Outstanding at September 30, 2013 | 158,000 | |
Net_Income_Loss_Per_Share_Attr
Net Income (Loss) Per Share Attributable To Common Shareholders | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Net Income (Loss) Per Share Attributable To Common Shareholders [Abstract] | ' | |||||||||||
Net Income (Loss) Per Share Attributable To Common Shareholders | ' | |||||||||||
Note 7. Net Income (Loss) Per Share Attributable to Common Shareholders | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net income (loss) attributable to common shareholders: | ||||||||||||
Basic and diluted | € | -2,220 | € | -9,712 | € | -12,556 | € | -7,024 | ||||
Net income (loss) per share attributable to common shareholders: | ||||||||||||
Basic and diluted | € | -0.04 | € | -0.17 | € | -0.23 | € | -0.13 | ||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic and diluted (1) | 55,695,704 | 55,619,204 | 55,666,470 | 55,589,226 | ||||||||
___________________________ | ||||||||||||
(1) The weighted average number of shares excludes 158,000 restricted shares which have been issued, but have not vested as at September 30, 2013 (2012 – 196,500 restricted shares). | ||||||||||||
The calculation of diluted net income (loss) per share attributable to common shareholders does not assume the exercise of any instruments that would have an anti-dilutive effect on net income (loss) per share. The following table summarizes the instruments excluded from the calculation of net income (loss) per share attributable to common shareholders because they were anti-dilutive. | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
PSUs | 821,939 | 767,979 | 821,939 | 767,979 | ||||||||
Restricted shares | 158,000 | 196,500 | 158,000 | 196,500 | ||||||||
Stock options | 75,000 | 175,000 | 75,000 | 175,000 | ||||||||
Restructuring_Expenses
Restructuring Expenses | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring Charges [Abstract] | ' |
Restructuring charges | ' |
Note 8. Restructuring Expenses | |
In July 2013, the Company announced a workforce reduction at the Celgar mill. The planned reduction will affect both hourly and salaried employees and will reduce the workforce by approximately 85 employees over the next five years, with the majority of employees to be affected over the next nine months. In connection with implementing this workforce reduction, the Company currently estimates that it will incur pre-tax charges in the range of approximately €4,400 to €5,900 for severance and other personnel expenses, such as termination benefits, which are expected to occur primarily over the 12-month period commencing with the third quarter of 2013. During the three months ended September 30, 2013, the Company recorded restructuring expenses of €2,926 and as at September 30, 2013, the Company had a liability of €2,545 in accounts payable and other. | |
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended | ||
Sep. 30, 2013 | |||
Noncontrolling Interest [Abstract] | ' | ||
Noncontrolling Interest | ' | ||
Note 9. Noncontrolling Interest | |||
The following table provides a reconciliation of the carrying amount of deficit attributable to the noncontrolling shareholders interest in the Stendal mill: | |||
Balance at January 1, 2012 | € | 18,574 | |
Net income | -1,694 | ||
Balance at December 31, 2012 | 16,880 | ||
Net income | -1,795 | ||
Capital contribution | -7,386 | ||
Balance at September 30, 2013 | € | 7,699 | |
In September 2013, the Company made a $20.0 million (€14,809) capital investment in the Stendal mill, resulting in an 8.1% increase in the Company’s equity ownership in the mill as it went from 74.9% to 83.0%. The increase in equity ownership was accounted for as an equity transaction and as a result, the noncontrolling deficit was reduced by €7,386, and the paid-in capital, which includes legal fees associated with the transaction, was reduced by €7,478. | |||
Derivative_Transactions
Derivative Transactions | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Transactions [Abstract] | ' | |||||||||||
Derivative Transactions | ' | |||||||||||
Note 10. Derivative Transactions | ||||||||||||
The Company is exposed to certain market risks relating to its ongoing business. The Company seeks to manage these risks through internal risk management policies as well as, from time to time, the use of derivatives. The Company currently manages its interest rate risk and a small portion of its pulp sales price risk with the use of derivative instruments. The derivatives are measured at fair value with changes in fair value immediately recognized in gain (loss) on derivative instruments in the Interim Consolidated Statement of Operations. | ||||||||||||
Derivative assets are presented in prepaid expenses and other, current derivative liabilities are presented in accounts payable and other and long-term derivative liabilities are presented in unrealized interest rate derivative losses in the Interim Consolidated Balance Sheet. | ||||||||||||
Interest Rate Derivative | ||||||||||||
During 2004, the Company entered into certain variable-to-fixed interest rate swaps in connection with the Stendal mill with respect to an aggregate maximum amount of approximately €612,600 of the principal amount of the indebtedness under the Stendal Loan Facility. Under the remaining interest rate swap, the Company pays a fixed rate and receives a floating rate with the interest payments being calculated on a notional amount. As at September 30, 2013, the contract has an aggregate notional amount of €332,684 at a fixed interest rate of 5.28% and it matures in October 2017 (which for the most part matches the maturity of the Stendal Loan Facility). | ||||||||||||
The interest rate derivative contract is with a bank that is part of a banking syndicate that holds the Stendal Loan Facility and the Company does not anticipate non-performance by the bank. | ||||||||||||
Pulp Price Derivatives | ||||||||||||
In May 2012, the Company entered into a fixed price pulp swap contract with a bank. Under the terms of the contract, 5,000 metric tonnes (“MT”) of pulp per month was fixed at a price of $915 per MT. The contract expired in December 2012. In November 2012, the Company entered into two additional contracts. Under the terms of the contracts, 3,000 MT of pulp per month is fixed at prices which range from $880 to $890 per MT. These contracts expire in December 2013. | ||||||||||||
Note 10. Derivative Transactions (continued) | ||||||||||||
The following table shows the derivative gains and losses by instrument type as they are recognized in gain (loss) on derivative instruments in the Interim Consolidated Statement of Operations: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Interest rate derivative contract | € | 3,038 | € | -1,236 | € | 13,918 | € | -636 | ||||
Pulp price derivative contracts | -1,060 | 353 | -1,827 | 1,972 | ||||||||
€ | 1,978 | € | -883 | € | 12,091 | € | 1,336 | |||||
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||
Financial Instruments | ' | |||||||||||
Note 11. Financial Instruments | ||||||||||||
The fair value of financial instruments is summarized as follows: | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
Cash and cash equivalents | € | 134,168 | € | 134,168 | € | 104,239 | € | 104,239 | ||||
Marketable securities | 163 | 163 | 184 | 184 | ||||||||
Receivables | 97,303 | 97,303 | 110,087 | 110,087 | ||||||||
Pulp price derivative contracts - asset | - | - | 745 | 745 | ||||||||
Accounts payable and other - excluding derivatives | 102,767 | 102,767 | 89,950 | 89,950 | ||||||||
Pulp price derivative contracts - liability | 388 | 388 | - | - | ||||||||
Debt | 720,249 | 712,490 | 711,403 | 700,001 | ||||||||
Interest rate derivative contract - liability | 36,759 | 36,759 | 50,678 | 50,678 | ||||||||
The carrying value of cash and cash equivalents and accounts payable and other approximates the fair value due to the immediate or short-term maturity of these financial instruments. The carrying value of receivables approximates the fair value due to their short-term nature and historical collectability. Marketable securities are recorded at fair value based on recent transactions. See the Fair Value Measurement and Disclosure section below for details on how the fair value of the pulp price derivative contracts, interest rate derivative contract and debt was determined. | ||||||||||||
Fair Value Measurement and Disclosure | ||||||||||||
The fair value methodologies and, as a result, the fair value of the Company's marketable securities, debt and derivative instruments are determined based on the fair value hierarchy provided in the Fair Value Measurements and Disclosures topic of the FASB Accounting Standards Codification, and are as follows: | ||||||||||||
Level 1 – Valuations based on quoted prices in active markets for identical assets and liabilities. | ||||||||||||
Level 2 – Valuations based on observable inputs in active markets for similar assets and liabilities, other than Level 1 prices, such as quoted commodity prices or interest or currency exchange rates. | ||||||||||||
Level 3 – Valuations based on significant unobservable inputs that are supported by little or no market activity, such as discounted cash flow methodologies based on internal cash flow forecasts. | ||||||||||||
The Company classified its marketable securities within Level 1 of the valuation hierarchy because quoted prices are available in an active market for the exchange-traded equities. | ||||||||||||
Note 11. Financial Instruments (continued) | ||||||||||||
The Company's interest rate and pulp price derivatives are classified within Level 2 of the valuation hierarchy, as they are valued using internal models that use as their basis readily observable market inputs, such as forward interest rates, yield curves observable at specified intervals and commodity price curves. The observable inputs reflect market data obtained from independent sources. In addition, the Company considered the risk of non-performance of the obligor, which in some cases reflects the Company’s own credit risk. The counterparty to our interest rate and pulp price derivatives are multi-national financial institutions. | ||||||||||||
The Company’s debt is recognized at amortized cost. The fair value of debt classified as Level 2 reflects recent market transactions and discounted cash flow estimates. Discounted cash flow models use observable market inputs taking into consideration variables such as interest rate changes, comparative securities, subordination discount and credit rating changes. The fair value of debt classified as Level 3 is valued using a discounted cash flow model which requires significant management estimates. These estimates are developed using available market, historical, and forecast data, including taking into account variables such as recent financing activities, the capital structure, and the lack of marketability of such debt. | ||||||||||||
The following table presents a summary of the Company's outstanding financial instruments and their estimated fair values under the hierarchy defined in Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification: | ||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets | ||||||||||||
Marketable securities | € | 163 | € | - | € | - | € | 163 | ||||
Liabilities | ||||||||||||
Pulp price derivative contracts | € | - | € | 388 | € | - | € | 388 | ||||
Interest rate derivative contract | - | 36,759 | - | 36,759 | ||||||||
Debt | - | 699,275 | 13,215 | 712,490 | ||||||||
€ | - | € | 736,422 | € | 13,215 | € | 749,637 | |||||
Fair Value Measurements at December 31, 2012 | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets | ||||||||||||
Marketable securities | € | 184 | € | - | € | - | € | 184 | ||||
Pulp price derivative contracts | - | 745 | - | 745 | ||||||||
€ | 184 | € | 745 | € | - | € | 929 | |||||
Liabilities | ||||||||||||
Interest rate derivative contract | € | - | € | 50,678 | € | - | € | 50,678 | ||||
Debt | - | 687,184 | 12,817 | 700,001 | ||||||||
€ | - | € | 737,862 | € | 12,817 | € | 750,679 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments And Contingencies [Abstract] | ' | |
Commitments and Contingencies | ' | |
Note 12. Commitments and Contingencies | ||
(a) | Pursuant to an arbitration proceeding with the general construction contractor (the noncontrolling shareholder) of the Stendal mill regarding certain warranty claims, the Company acted upon a bank guarantee for defect liability on civil works that was about to expire as provided in the engineering, procurement, and construction contract. On January 28, 2011, the Company received approximately €10,000 (the "Guarantee Amount"), which is intended to compensate the Company for remediation work that is required at the Stendal mill, but it was less than the amount claimed by the Company under the arbitration. Most of the claims have been settled; however, the arbitration proceeding is ongoing, and there is no certainty that the Company will be successful with its remaining claim. | |
The €10,000 was initially recognized as an increase in cash and a corresponding increase in accounts payable and other. As civil works remediation steps are agreed to with the noncontrolling shareholder an agreed to portion of the payable is reversed with the offset recorded in operating costs to offset the remediation expenditures. As at September 30, 2013, the Company had Guarantee Amount proceeds of €1,768 remaining in accounts payable and other. | ||
(b) | The Company is involved in a property transfer tax dispute with respect to the Celgar mill and certain other legal actions and claims arising in the ordinary course of business. Celgar had previously paid the property transfer tax assessment. During the second quarter of 2013, the Company lost its Supreme Court of British Columbia appeal of the property transfer tax assessment and as a result the Company filed an application to seek leave to appeal to the British Columbia Court of Appeal. In September 2013, the leave to appeal was granted to the Company. In addition, while the outcome of any legal actions and claims cannot be predicted with certainty, it is the opinion of management that the outcome of any such claim which is pending or threatened, either individually or on a combined basis, will not have a material adverse effect on the consolidated financial condition, results of operations or liquidity of the Company. | |
(c) | The Company is subject to regulations that require the handling and disposal of asbestos in a prescribed manner if a property undergoes a major renovation or demolition. Otherwise, the Company is not required to remove asbestos from its facilities. Generally asbestos is found on steam and condensate piping systems as well as certain cladding on buildings and in building insulation throughout older facilities. The Company’s obligation for the proper removal and disposal of asbestos products from the Company’s mills is a conditional asset retirement obligation. As a result of the longevity of the Company’s mills, due in part to the maintenance procedures and the fact that the Company does not have plans for major changes that require the removal of asbestos, the timing of the asbestos removal is indeterminate. As a result, the Company is currently unable to reasonably estimate the fair value of its asbestos removal and disposal obligation. The Company will recognize a liability in the period in which sufficient information is available to reasonably estimate its fair value. | |
Restricted_Group_Supplemental_
Restricted Group Supplemental Disclosure | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Restricted Group Supplemental Disclosure [Abstract] | ' | |||||||||||
Restricted Group Supplemental Disclosure | ' | |||||||||||
Note 13. Restricted Group Supplemental Disclosure | ||||||||||||
The terms of the indenture governing our Senior Notes require that we provide the results of operations and financial condition of Mercer International Inc. and our restricted subsidiaries under the indenture, collectively referred to as the "Restricted Group". As at and during the three and nine months ended September 30, 2013 and 2012, the Restricted Group was comprised of Mercer International Inc., certain holding subsidiaries and our Rosenthal and Celgar mills. The Restricted Group excludes the Stendal mill. | ||||||||||||
Combined Condensed Balance Sheets | ||||||||||||
30-Sep-13 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | € | 75,075 | € | 59,093 | € | - | € | 134,168 | ||||
Receivables | 52,595 | 44,708 | - | 97,303 | ||||||||
Inventories | 68,731 | 53,873 | - | 122,604 | ||||||||
Prepaid expenses and other | 7,977 | 4,418 | - | 12,395 | ||||||||
Deferred income tax | 2,219 | 2,016 | - | 4,235 | ||||||||
Total current assets | 206,597 | 164,108 | - | 370,705 | ||||||||
Long-term assets | ||||||||||||
Property, plant and equipment | 318,865 | 458,550 | - | 777,415 | ||||||||
Deferred note issuance and other | 7,525 | 6,613 | - | 14,138 | ||||||||
Deferred income tax | 8,726 | 5,500 | - | 14,226 | ||||||||
Due from unrestricted group | 109,399 | - | -109,399 | - | ||||||||
Total assets | € | 651,112 | € | 634,771 | € | -109,399 | € | 1,176,484 | ||||
LIABILITIES | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable and other | € | 51,865 | € | 51,290 | € | - | € | 103,155 | ||||
Pension and other post-retirement benefit obligations | 767 | - | - | 767 | ||||||||
Debt | 544 | 43,258 | - | 43,802 | ||||||||
Total current liabilities | 53,176 | 94,548 | - | 147,724 | ||||||||
Long-term liabilities | ||||||||||||
Debt | 253,671 | 422,776 | - | 676,447 | ||||||||
Due to restricted group | - | 109,399 | -109,399 | - | ||||||||
Unrealized interest rate derivative losses | - | 36,759 | - | 36,759 | ||||||||
Pension and other post-retirement benefit obligations | 30,737 | - | - | 30,737 | ||||||||
Capital leases and other | 6,167 | 8,338 | - | 14,505 | ||||||||
Deferred income tax | 7,639 | - | - | 7,639 | ||||||||
Total liabilities | 351,390 | 671,820 | -109,399 | 913,811 | ||||||||
EQUITY | ||||||||||||
Total shareholders' equity (deficit) | 299,722 | -29,350 | - | 270,372 | ||||||||
Noncontrolling interest (deficit) | - | -7,699 | - | -7,699 | ||||||||
Total liabilities and equity | € | 651,112 | € | 634,771 | € | -109,399 | € | 1,176,484 | ||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Balance Sheets | ||||||||||||
31-Dec-12 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | € | 36,714 | € | 67,525 | € | - | € | 104,239 | ||||
Receivables | 61,212 | 48,875 | - | 110,087 | ||||||||
Inventories | 74,786 | 43,514 | - | 118,300 | ||||||||
Prepaid expenses and other | 5,811 | 2,096 | - | 7,907 | ||||||||
Deferred income tax | 2,188 | 2,277 | - | 4,465 | ||||||||
Total current assets | 180,711 | 164,287 | - | 344,998 | ||||||||
Long-term assets | ||||||||||||
Property, plant and equipment | 345,311 | 463,567 | - | 808,878 | ||||||||
Deferred note issuance and other | 6,607 | 5,555 | - | 12,162 | ||||||||
Deferred income tax | 9,179 | 8,386 | - | 17,565 | ||||||||
Due from unrestricted group | 102,311 | - | -102,311 | - | ||||||||
Total assets | € | 644,119 | € | 641,795 | € | -102,311 | € | 1,183,603 | ||||
LIABILITIES | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable and other | € | 42,106 | € | 47,844 | € | - | € | 89,950 | ||||
Pension and other post-retirement benefit obligations | 813 | - | - | 813 | ||||||||
Debt | 5,662 | 40,000 | - | 45,662 | ||||||||
Total current liabilities | 48,581 | 87,844 | - | 136,425 | ||||||||
Long-term liabilities | ||||||||||||
Debt | 216,214 | 449,527 | - | 665,741 | ||||||||
Due to restricted group | - | 102,311 | -102,311 | - | ||||||||
Unrealized interest rate derivative losses | - | 50,678 | - | 50,678 | ||||||||
Pension and other post-retirement benefit obligations | 32,141 | - | - | 32,141 | ||||||||
Capital leases and other | 6,073 | 7,863 | - | 13,936 | ||||||||
Deferred income tax | 5,757 | - | - | 5,757 | ||||||||
Total liabilities | 308,766 | 698,223 | -102,311 | 904,678 | ||||||||
EQUITY | ||||||||||||
Total shareholders' equity (deficit) | 335,353 | -39,548 | - | 295,805 | ||||||||
Noncontrolling interest (deficit) | - | -16,880 | - | -16,880 | ||||||||
Total liabilities and equity | € | 644,119 | € | 641,795 | € | -102,311 | € | 1,183,603 | ||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Operations | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 105,794 | € | 80,306 | € | - | € | 186,100 | ||||
Energy and chemicals | 5,935 | 11,086 | - | 17,021 | ||||||||
111,729 | 91,392 | - | 203,121 | |||||||||
Operating costs | 90,815 | 75,239 | - | 166,054 | ||||||||
Operating depreciation and amortization | 8,130 | 6,502 | - | 14,632 | ||||||||
Selling, general and administrative expenses | 5,608 | 3,829 | - | 9,437 | ||||||||
Restructuring expenses | 2,926 | - | - | 2,926 | ||||||||
107,479 | 85,570 | - | 193,049 | |||||||||
Operating income (loss) | 4,250 | 5,822 | - | 10,072 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -6,193 | -8,472 | 1,647 | -13,018 | ||||||||
Gain (loss) on derivative instruments | -1,060 | 3,038 | - | 1,978 | ||||||||
Other income (expense) | 1,791 | 28 | -1,647 | 172 | ||||||||
Total other income (expense) | -5,462 | -5,406 | - | -10,868 | ||||||||
Income (loss) before income taxes | -1,212 | 416 | - | -796 | ||||||||
Income tax benefit (provision) | -1,087 | 145 | - | -942 | ||||||||
Net income (loss) | -2,299 | 561 | - | -1,738 | ||||||||
Less: net income attributable to noncontrolling interest | - | -482 | - | -482 | ||||||||
Net income (loss) attributable to common shareholders | € | -2,299 | € | 79 | € | - | € | -2,220 | ||||
Three Months Ended September 30, 2012 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 112,777 | € | 92,345 | € | - | € | 205,122 | ||||
Energy and chemicals | 6,960 | 11,193 | - | 18,153 | ||||||||
119,737 | 103,538 | - | 223,275 | |||||||||
Operating costs | 109,815 | 81,268 | - | 191,083 | ||||||||
Operating depreciation and amortization | 8,303 | 6,669 | - | 14,972 | ||||||||
Selling, general and administrative expenses | 6,392 | 3,614 | - | 10,006 | ||||||||
124,510 | 91,551 | - | 216,061 | |||||||||
Operating income (loss) | -4,773 | 11,987 | - | 7,214 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -6,010 | -9,473 | 1,399 | -14,084 | ||||||||
Gain (loss) on derivative instruments | 353 | -1,236 | - | -883 | ||||||||
Other income (expense) | 1,665 | 251 | -1,399 | 517 | ||||||||
Total other income (expense) | -3,992 | -10,458 | - | -14,450 | ||||||||
Income (loss) before income taxes | -8,765 | 1,529 | - | -7,236 | ||||||||
Income tax benefit (provision) | -1,192 | -718 | - | -1,910 | ||||||||
Net income (loss) | -9,957 | 811 | - | -9,146 | ||||||||
Less: net income attributable to noncontrolling interest | - | -566 | - | -566 | ||||||||
Net income (loss) attributable to common shareholders | € | -9,957 | € | 245 | € | - | € | -9,712 | ||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Operations | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Eliminations | Consolidated Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 311,575 | € | 248,304 | € | - | € | 559,879 | ||||
Energy and chemicals | 19,065 | 32,595 | - | 51,660 | ||||||||
330,640 | 280,899 | - | 611,539 | |||||||||
Operating costs | 283,896 | 234,136 | - | 518,032 | ||||||||
Operating depreciation and amortization | 24,579 | 19,528 | - | 44,107 | ||||||||
Selling, general and administrative expenses | 16,968 | 10,727 | - | 27,695 | ||||||||
Restructuring expenses | 2,926 | - | - | 2,926 | ||||||||
328,369 | 264,391 | - | 592,760 | |||||||||
Operating income (loss) | 2,271 | 16,508 | - | 18,779 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -17,939 | -26,309 | 4,943 | -39,305 | ||||||||
Gain (loss) on derivative instruments | -1,827 | 13,918 | - | 12,091 | ||||||||
Other income (expense) | 4,946 | 105 | -4,943 | 108 | ||||||||
Total other income (expense) | -14,820 | -12,286 | - | -27,106 | ||||||||
Income (loss) before income taxes | -12,549 | 4,222 | - | -8,327 | ||||||||
Income tax benefit (provision) | -2,714 | 280 | - | -2,434 | ||||||||
Net income (loss) | -15,263 | 4,502 | - | -10,761 | ||||||||
Less: net income attributable to noncontrolling interest | - | -1,795 | - | -1,795 | ||||||||
Net income (loss) attributable to common shareholders | € | -15,263 | € | 2,707 | € | - | € | -12,556 | ||||
Nine Months Ended September 30, 2012 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Eliminations | Consolidated Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 326,411 | € | 264,186 | € | - | € | 590,597 | ||||
Energy and chemicals | 21,411 | 33,687 | - | 55,098 | ||||||||
347,822 | 297,873 | - | 645,695 | |||||||||
Operating costs | 302,913 | 228,557 | - | 531,470 | ||||||||
Operating depreciation and amortization | 23,750 | 20,034 | - | 43,784 | ||||||||
Selling, general and administrative expenses | 18,319 | 10,369 | - | 28,688 | ||||||||
344,982 | 258,960 | - | 603,942 | |||||||||
Operating income (loss) | 2,840 | 38,913 | - | 41,753 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -17,754 | -28,449 | 4,123 | -42,080 | ||||||||
Gain (loss) on derivative instruments | 1,972 | -636 | - | 1,336 | ||||||||
Other income (expense) | 3,405 | 457 | -4,123 | -261 | ||||||||
Total other income (expense) | -12,377 | -28,628 | - | -41,005 | ||||||||
Income (loss) before income taxes | -9,537 | 10,285 | - | 748 | ||||||||
Income tax benefit (provision) | -3,305 | -1,602 | - | -4,907 | ||||||||
Net income (loss) | -12,842 | 8,683 | - | -4,159 | ||||||||
Less: net income attributable to noncontrolling interest | - | -2,865 | - | -2,865 | ||||||||
Net income (loss) attributable to common shareholders | € | -12,842 | € | 5,818 | € | - | € | -7,024 | ||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -2,299 | € | 561 | € | -1,738 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | 640 | -3,038 | -2,398 | |||||||||
Depreciation and amortization | 8,192 | 6,502 | 14,694 | |||||||||
Deferred income taxes | -115 | - | -115 | |||||||||
Stock compensation expense | 621 | - | 621 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | 124 | - | 124 | |||||||||
Other | 75 | 386 | 461 | |||||||||
Changes in working capital | ||||||||||||
Receivables | -3,350 | 2,654 | -696 | |||||||||
Inventories | -5,366 | -9,882 | -15,248 | |||||||||
Accounts payable and accrued expenses | 2,517 | 6,544 | 9,061 | |||||||||
Other(1) | -2,659 | 2,736 | 77 | |||||||||
Net cash from (used in) operating activities | -1,620 | 6,463 | 4,843 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -2,199 | -4,792 | -6,991 | |||||||||
Acquisition of noncontrolling interest (Note 9) | -14,809 | 14,809 | - | |||||||||
Proceeds on sale of property, plant and equipment | 194 | 39 | 233 | |||||||||
Net cash from (used in) investing activities | -16,814 | 10,056 | -6,758 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt | -544 | -21,630 | -22,174 | |||||||||
Proceeds from issuance of notes and borrowings of debt | 39,607 | - | 39,607 | |||||||||
Repayment of capital lease obligations | -122 | -274 | -396 | |||||||||
Proceeds from (repayment of) credit facilities, net | -12,226 | - | -12,226 | |||||||||
Payment of note issuance costs | -1,306 | -488 | -1,794 | |||||||||
Proceeds from government grants | - | - | - | |||||||||
Net cash from (used in) financing activities | 25,409 | -22,392 | 3,017 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | -1,367 | - | -1,367 | |||||||||
Net increase (decrease) in cash and cash equivalents | 5,608 | -5,873 | -265 | |||||||||
Cash and cash equivalents, beginning of period | 69,467 | 64,966 | 134,433 | |||||||||
Cash and cash equivalents, end of period | € | 75,075 | € | 59,093 | € | 134,168 | ||||||
_________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -9,957 | € | 811 | € | -9,146 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | -353 | 1,236 | 883 | |||||||||
Depreciation and amortization | 8,385 | 6,669 | 15,054 | |||||||||
Deferred income taxes | 1,040 | - | 1,040 | |||||||||
Stock compensation expense | 891 | - | 891 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | -73 | - | -73 | |||||||||
Other | 543 | 869 | 1,412 | |||||||||
Changes in working capital | ||||||||||||
Receivables | -6,130 | -7,992 | -14,122 | |||||||||
Inventories | 1,693 | 4,141 | 5,834 | |||||||||
Accounts payable and accrued expenses | 9,800 | -108 | 9,692 | |||||||||
Other(1) | -4,225 | 1,986 | -2,239 | |||||||||
Net cash from (used in) operating activities | 1,614 | 7,612 | 9,226 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -6,380 | -2,772 | -9,152 | |||||||||
Proceeds on sale of property, plant and equipment | 37 | 11 | 48 | |||||||||
Proceeds on maturity of marketable securities | 10,213 | - | 10,213 | |||||||||
Net cash from (used in) investing activities | 3,870 | -2,761 | 1,109 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt | -544 | -15,000 | -15,544 | |||||||||
Repayment of capital lease obligations | -234 | -274 | -508 | |||||||||
Proceeds from government grants | - | 778 | 778 | |||||||||
Net cash from (used in) financing activities | -778 | -14,496 | -15,274 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | 221 | - | 221 | |||||||||
Net increase (decrease) in cash and cash equivalents | 4,927 | -9,645 | -4,718 | |||||||||
Cash and cash equivalents, beginning of period | 50,096 | 80,791 | 130,887 | |||||||||
Cash and cash equivalents, end of period | € | 55,023 | € | 71,146 | € | 126,169 | ||||||
___________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Consolidated Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -15,263 | € | 4,502 | € | -10,761 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | 1,144 | -13,918 | -12,774 | |||||||||
Depreciation and amortization | 24,770 | 19,528 | 44,298 | |||||||||
Deferred income taxes | 1,309 | 3,147 | 4,456 | |||||||||
Stock compensation expense | 1,194 | - | 1,194 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | 457 | - | 457 | |||||||||
Other | 778 | 1,836 | 2,614 | |||||||||
Changes in working capital | ||||||||||||
Receivables | 7,174 | 4,175 | 11,349 | |||||||||
Inventories | 3,004 | -10,359 | -7,355 | |||||||||
Accounts payable and accrued expenses | 11,143 | 6,945 | 18,088 | |||||||||
Other(1) | -11,299 | 4,886 | -6,413 | |||||||||
Net cash from (used in) operating activities | 24,411 | 20,742 | 45,153 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -7,446 | -21,922 | -29,368 | |||||||||
Acquisition of noncontrolling interest (Note 9) | -14,809 | 14,809 | - | |||||||||
Proceeds on sale of property, plant and equipment | 207 | 41 | 248 | |||||||||
Net cash from (used in) investing activities | -22,048 | -7,072 | -29,120 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt | -1,089 | -41,630 | -42,719 | |||||||||
Proceeds from issuance of notes and borrowings of debt | 39,607 | 17,000 | 56,607 | |||||||||
Repayment of capital lease obligations | -366 | -1,131 | -1,497 | |||||||||
Proceeds from (repayment of) credit facilities, net | 728 | - | 728 | |||||||||
Payment of note issuance costs | -1,306 | -488 | -1,794 | |||||||||
Proceeds from government grants | - | 4,147 | 4,147 | |||||||||
Net cash from (used in) financing activities | 37,574 | -22,102 | 15,472 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | -1,576 | - | -1,576 | |||||||||
Net increase (decrease) in cash and cash equivalents | 38,361 | -8,432 | 29,929 | |||||||||
Cash and cash equivalents, beginning of period | 36,714 | 67,525 | 104,239 | |||||||||
Cash and cash equivalents, end of period | € | 75,075 | € | 59,093 | € | 134,168 | ||||||
___________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Consolidated Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -12,842 | € | 8,683 | € | -4,159 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | -1,972 | 636 | -1,336 | |||||||||
Depreciation and amortization | 23,958 | 20,034 | 43,992 | |||||||||
Deferred income taxes | 2,956 | -5,256 | -2,300 | |||||||||
Stock compensation expense | 1,753 | - | 1,753 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | -128 | - | -128 | |||||||||
Other | 66 | 2,212 | 2,278 | |||||||||
Changes in working capital | ||||||||||||
Receivables | -407 | 1,308 | 901 | |||||||||
Inventories | 3,946 | 5,330 | 9,276 | |||||||||
Accounts payable and accrued expenses | 12,180 | 966 | 13,146 | |||||||||
Other(1) | -12,213 | 11,312 | -901 | |||||||||
Net cash from (used in) operating activities | 17,297 | 45,225 | 62,522 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -19,413 | -8,042 | -27,455 | |||||||||
Proceeds on sale of property, plant and equipment | 274 | 113 | 387 | |||||||||
Proceeds on maturity of marketable securities | 12,221 | - | 12,221 | |||||||||
Net cash from (used in) investing activities | -6,918 | -7,929 | -14,847 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt and purchase of notes | -2,671 | -24,583 | -27,254 | |||||||||
Repayment of capital lease obligations | -600 | -967 | -1,567 | |||||||||
Payment of note issuance costs | - | -1,621 | -1,621 | |||||||||
Proceeds from government grants | 2,322 | 778 | 3,100 | |||||||||
Net cash from (used in) financing activities | -949 | -26,393 | -27,342 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | 764 | - | 764 | |||||||||
Net increase (decrease) in cash and cash equivalents | 10,194 | 10,903 | 21,097 | |||||||||
Cash and cash equivalents, beginning of period | 44,829 | 60,243 | 105,072 | |||||||||
Cash and cash equivalents, end of period | € | 55,023 | € | 71,146 | € | 126,169 | ||||||
___________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
The_Company_And_Summary_Of_Sig1
The Company And Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
The Company And Summary Of Significant Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The interim consolidated financial statements contained herein include the accounts of Mercer International Inc. ("Mercer Inc.") and its wholly-owned and majority-owned subsidiaries (collectively the "Company"). The Company's shares of common stock are quoted and listed for trading on both the NASDAQ Global Market and the Toronto Stock Exchange. | |
The interim consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). The year-end Consolidated Balance Sheet data was derived from audited financial statements. The footnote disclosure included herein has been prepared in accordance with accounting principles generally accepted for interim financial statements in the United States ("GAAP"). The interim consolidated financial statements should be read together with the audited consolidated financial statements and accompanying notes included in the Company's latest annual report on Form 10‑K for the fiscal year ended December 31, 2012. In the opinion of the Company, the unaudited interim consolidated financial statements contained herein contain all adjustments necessary for a fair statement of the results of the interim periods included. The results for the periods included herein may not be indicative of the results for the entire year. | |
The Company has three pulp mills that are aggregated into one reportable business segment, market pulp. Accordingly, the results presented are those of the reportable business segment. | |
In these interim consolidated financial statements, unless otherwise indicated, all amounts are expressed in Euros ("€"). The term "U.S. dollars" and the symbol "$" refer to United States dollars. The symbol "C$" refers to Canadian dollars. | |
Use of Estimates | ' |
Use of Estimates | |
Preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant management judgment is required in determining the accounting for, among other things, doubtful accounts and reserves, depreciation and amortization, future cash flows associated with impairment testing for long-lived assets, derivative financial instruments, environmental conservation and legal liabilities, asset retirement obligations, pensions and post-retirement benefit obligations, income taxes, contingencies, and inventory obsolescence and provisions. Actual results could differ materially from these estimates, and changes in these estimates are recorded when known. | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Inventories [Abstract] | ' | |||||
Components of Inventory | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Raw materials | € | 47,769 | € | 46,028 | ||
Finished goods | 36,991 | 38,169 | ||||
Spare parts and other | 37,844 | 34,103 | ||||
€ | 122,604 | € | 118,300 | |||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Debt [Abstract] | ' | |||||
Schedule Of Debt | ' | |||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
Note payable to bank, included in a total loan credit facility of €827,950 | ||||||
to finance the construction related to the Stendal mill (a) | € | 412,907 | € | 452,907 | ||
Senior notes, interest at 9.50% accrued and payable semi-annually, | ||||||
unsecured (b) | 248,642 | 215,670 | ||||
Credit agreement with a lender with respect to a revolving credit facility | ||||||
of C$40.0 million (c) | 5,029 | 4,574 | ||||
Term bank facility for a project at the Stendal mill of €17,000 (d) | 15,370 | - | ||||
Loans payable to the noncontrolling shareholder of the Stendal mill (e) | 37,757 | 36,620 | ||||
Investment loan agreement with a lender with respect to a project at | ||||||
the Rosenthal mill of €4,351 (f) | 544 | 1,632 | ||||
Credit agreement with a bank with respect to a revolving credit facility | ||||||
of €25,000 (g) | - | - | ||||
Credit agreement with a bank with respect to a revolving credit facility | ||||||
of €5,000 (h) | - | - | ||||
720,249 | 711,403 | |||||
Less: current portion | -43,802 | -45,662 | ||||
Debt, less current portion | € | 676,447 | € | 665,741 | ||
Principal Maturities Of Debt | ' | |||||
Matures | Amount | |||||
2013 | € | - | ||||
2014 | 43,802 | |||||
2015 | 47,584 | |||||
2016 | 52,613 | |||||
2017 | 576,250 | |||||
Thereafter | - | |||||
€ | 720,249 | |||||
Recovered_Sheet1
Pension And Other Post-Retirement Benefit Obligations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Pension And Other Post-Retirement Benefit Obligations [Abstract] | ' | |||||||||||
Components Of Defined Benefit Plan | ' | |||||||||||
Three Months ended September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||
Service cost | € | 25 | € | 141 | € | 29 | € | 145 | ||||
Interest cost | 344 | 208 | 393 | 226 | ||||||||
Expected return on plan assets | -399 | - | -421 | - | ||||||||
Recognized net loss | 269 | 22 | 291 | 1 | ||||||||
Net periodic benefit cost | € | 239 | € | 371 | € | 292 | € | 372 | ||||
Nine Months ended September 30, | ||||||||||||
2013 | 2012 | |||||||||||
Pension Benefits | Post-Retirement Benefits | Pension Benefits | Post-Retirement Benefits | |||||||||
Service cost | € | 78 | € | 432 | € | 84 | € | 423 | ||||
Interest cost | 1,052 | 635 | 1,144 | 657 | ||||||||
Expected return on plan assets | -1,222 | - | -1,228 | - | ||||||||
Recognized net loss | 824 | 67 | 848 | 4 | ||||||||
Net periodic benefit cost | € | 732 | € | 1,134 | € | 848 | € | 1,084 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
PSUs [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Summary Of Share Based Compensation Arrangement Activity | ' | |
Number of PSUs | ||
Outstanding at January 1, 2012 | 795,312 | |
Granted | 55,478 | |
Forfeited | -64,661 | |
Outstanding at December 31, 2012 | 786,129 | |
Granted | 35,810 | |
Outstanding at September 30, 2013 | 821,939 | |
Restricted Stock [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Summary Of Share Based Compensation Arrangement Activity | ' | |
Number of | ||
Restricted Shares | ||
Outstanding at January 1, 2012 | 238,000 | |
Granted | 36,500 | |
Vested | -78,000 | |
Outstanding at December 31, 2012 | 196,500 | |
Granted | 38,000 | |
Vested | -76,500 | |
Outstanding at September 30, 2013 | 158,000 | |
Net_Income_Loss_Per_Share_Attr1
Net Income (Loss) Per Share Attributable To Common Shareholders (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Net Income (Loss) Per Share Attributable To Common Shareholders [Abstract] | ' | |||||||||||
Schedule Of Net Income (Loss) Per Share Attributable To Common Shareholders | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Net income (loss) attributable to common shareholders: | ||||||||||||
Basic and diluted | € | -2,220 | € | -9,712 | € | -12,556 | € | -7,024 | ||||
Net income (loss) per share attributable to common shareholders: | ||||||||||||
Basic and diluted | € | -0.04 | € | -0.17 | € | -0.23 | € | -0.13 | ||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic and diluted (1) | 55,695,704 | 55,619,204 | 55,666,470 | 55,589,226 | ||||||||
___________________________ | ||||||||||||
(1) The weighted average number of shares excludes 158,000 restricted shares which have been issued, but have not vested as at September 30, 2013 (2012 – 196,500 restricted shares). | ||||||||||||
Schedule Of Antidilutive Instruments Excluded from Computation of Net Income (Loss) Per Share | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
PSUs | 821,939 | 767,979 | 821,939 | 767,979 | ||||||||
Restricted shares | 158,000 | 196,500 | 158,000 | 196,500 | ||||||||
Stock options | 75,000 | 175,000 | 75,000 | 175,000 | ||||||||
Noncontrolling_Interest_Tables
Noncontrolling Interest (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Noncontrolling Interest [Abstract] | ' | ||
Schedule of noncontrolling interest [Table Text Block] | ' | ||
Balance at January 1, 2012 | € | 18,574 | |
Net income | -1,694 | ||
Balance at December 31, 2012 | 16,880 | ||
Net income | -1,795 | ||
Capital contribution | -7,386 | ||
Balance at September 30, 2013 | € | 7,699 | |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Derivative Transactions [Abstract] | ' | |||||||||||
Schedule of gains and losses by type of derivative recognized in gain (loss) on derivative instruments in the Consolidated Statement of Operations | ' | |||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Interest rate derivative contract | € | 3,038 | € | -1,236 | € | 13,918 | € | -636 | ||||
Pulp price derivative contracts | -1,060 | 353 | -1,827 | 1,972 | ||||||||
€ | 1,978 | € | -883 | € | 12,091 | € | 1,336 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||
Fair Value Of Financial Instruments | ' | |||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
Cash and cash equivalents | € | 134,168 | € | 134,168 | € | 104,239 | € | 104,239 | ||||
Marketable securities | 163 | 163 | 184 | 184 | ||||||||
Receivables | 97,303 | 97,303 | 110,087 | 110,087 | ||||||||
Pulp price derivative contracts - asset | - | - | 745 | 745 | ||||||||
Accounts payable and other - excluding derivatives | 102,767 | 102,767 | 89,950 | 89,950 | ||||||||
Pulp price derivative contracts - liability | 388 | 388 | - | - | ||||||||
Debt | 720,249 | 712,490 | 711,403 | 700,001 | ||||||||
Interest rate derivative contract - liability | 36,759 | 36,759 | 50,678 | 50,678 | ||||||||
Outstanding Financial Instruments And Estimated Fair Values | ' | |||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets | ||||||||||||
Marketable securities | € | 163 | € | - | € | - | € | 163 | ||||
Liabilities | ||||||||||||
Pulp price derivative contracts | € | - | € | 388 | € | - | € | 388 | ||||
Interest rate derivative contract | - | 36,759 | - | 36,759 | ||||||||
Debt | - | 699,275 | 13,215 | 712,490 | ||||||||
€ | - | € | 736,422 | € | 13,215 | € | 749,637 | |||||
Fair Value Measurements at December 31, 2012 | ||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||
Assets | ||||||||||||
Marketable securities | € | 184 | € | - | € | - | € | 184 | ||||
Pulp price derivative contracts | - | 745 | - | 745 | ||||||||
€ | 184 | € | 745 | € | - | € | 929 | |||||
Liabilities | ||||||||||||
Interest rate derivative contract | € | - | € | 50,678 | € | - | € | 50,678 | ||||
Debt | - | 687,184 | 12,817 | 700,001 | ||||||||
€ | - | € | 737,862 | € | 12,817 | € | 750,679 | |||||
Restricted_Group_Supplemental_1
Restricted Group Supplemental Disclosure (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Restricted Group Supplemental Disclosure [Abstract] | ' | |||||||||||
Combined Condensed Balance Sheets | ' | |||||||||||
Combined Condensed Balance Sheets | ||||||||||||
30-Sep-13 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | € | 75,075 | € | 59,093 | € | - | € | 134,168 | ||||
Receivables | 52,595 | 44,708 | - | 97,303 | ||||||||
Inventories | 68,731 | 53,873 | - | 122,604 | ||||||||
Prepaid expenses and other | 7,977 | 4,418 | - | 12,395 | ||||||||
Deferred income tax | 2,219 | 2,016 | - | 4,235 | ||||||||
Total current assets | 206,597 | 164,108 | - | 370,705 | ||||||||
Long-term assets | ||||||||||||
Property, plant and equipment | 318,865 | 458,550 | - | 777,415 | ||||||||
Deferred note issuance and other | 7,525 | 6,613 | - | 14,138 | ||||||||
Deferred income tax | 8,726 | 5,500 | - | 14,226 | ||||||||
Due from unrestricted group | 109,399 | - | -109,399 | - | ||||||||
Total assets | € | 651,112 | € | 634,771 | € | -109,399 | € | 1,176,484 | ||||
LIABILITIES | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable and other | € | 51,865 | € | 51,290 | € | - | € | 103,155 | ||||
Pension and other post-retirement benefit obligations | 767 | - | - | 767 | ||||||||
Debt | 544 | 43,258 | - | 43,802 | ||||||||
Total current liabilities | 53,176 | 94,548 | - | 147,724 | ||||||||
Long-term liabilities | ||||||||||||
Debt | 253,671 | 422,776 | - | 676,447 | ||||||||
Due to restricted group | - | 109,399 | -109,399 | - | ||||||||
Unrealized interest rate derivative losses | - | 36,759 | - | 36,759 | ||||||||
Pension and other post-retirement benefit obligations | 30,737 | - | - | 30,737 | ||||||||
Capital leases and other | 6,167 | 8,338 | - | 14,505 | ||||||||
Deferred income tax | 7,639 | - | - | 7,639 | ||||||||
Total liabilities | 351,390 | 671,820 | -109,399 | 913,811 | ||||||||
EQUITY | ||||||||||||
Total shareholders' equity (deficit) | 299,722 | -29,350 | - | 270,372 | ||||||||
Noncontrolling interest (deficit) | - | -7,699 | - | -7,699 | ||||||||
Total liabilities and equity | € | 651,112 | € | 634,771 | € | -109,399 | € | 1,176,484 | ||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Balance Sheets | ||||||||||||
31-Dec-12 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | € | 36,714 | € | 67,525 | € | - | € | 104,239 | ||||
Receivables | 61,212 | 48,875 | - | 110,087 | ||||||||
Inventories | 74,786 | 43,514 | - | 118,300 | ||||||||
Prepaid expenses and other | 5,811 | 2,096 | - | 7,907 | ||||||||
Deferred income tax | 2,188 | 2,277 | - | 4,465 | ||||||||
Total current assets | 180,711 | 164,287 | - | 344,998 | ||||||||
Long-term assets | ||||||||||||
Property, plant and equipment | 345,311 | 463,567 | - | 808,878 | ||||||||
Deferred note issuance and other | 6,607 | 5,555 | - | 12,162 | ||||||||
Deferred income tax | 9,179 | 8,386 | - | 17,565 | ||||||||
Due from unrestricted group | 102,311 | - | -102,311 | - | ||||||||
Total assets | € | 644,119 | € | 641,795 | € | -102,311 | € | 1,183,603 | ||||
LIABILITIES | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable and other | € | 42,106 | € | 47,844 | € | - | € | 89,950 | ||||
Pension and other post-retirement benefit obligations | 813 | - | - | 813 | ||||||||
Debt | 5,662 | 40,000 | - | 45,662 | ||||||||
Total current liabilities | 48,581 | 87,844 | - | 136,425 | ||||||||
Long-term liabilities | ||||||||||||
Debt | 216,214 | 449,527 | - | 665,741 | ||||||||
Due to restricted group | - | 102,311 | -102,311 | - | ||||||||
Unrealized interest rate derivative losses | - | 50,678 | - | 50,678 | ||||||||
Pension and other post-retirement benefit obligations | 32,141 | - | - | 32,141 | ||||||||
Capital leases and other | 6,073 | 7,863 | - | 13,936 | ||||||||
Deferred income tax | 5,757 | - | - | 5,757 | ||||||||
Total liabilities | 308,766 | 698,223 | -102,311 | 904,678 | ||||||||
EQUITY | ||||||||||||
Total shareholders' equity (deficit) | 335,353 | -39,548 | - | 295,805 | ||||||||
Noncontrolling interest (deficit) | - | -16,880 | - | -16,880 | ||||||||
Total liabilities and equity | € | 644,119 | € | 641,795 | € | -102,311 | € | 1,183,603 | ||||
Combined Condensed Statements Of Operations | ' | |||||||||||
Combined Condensed Statements of Operations | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 105,794 | € | 80,306 | € | - | € | 186,100 | ||||
Energy and chemicals | 5,935 | 11,086 | - | 17,021 | ||||||||
111,729 | 91,392 | - | 203,121 | |||||||||
Operating costs | 90,815 | 75,239 | - | 166,054 | ||||||||
Operating depreciation and amortization | 8,130 | 6,502 | - | 14,632 | ||||||||
Selling, general and administrative expenses | 5,608 | 3,829 | - | 9,437 | ||||||||
Restructuring expenses | 2,926 | - | - | 2,926 | ||||||||
107,479 | 85,570 | - | 193,049 | |||||||||
Operating income (loss) | 4,250 | 5,822 | - | 10,072 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -6,193 | -8,472 | 1,647 | -13,018 | ||||||||
Gain (loss) on derivative instruments | -1,060 | 3,038 | - | 1,978 | ||||||||
Other income (expense) | 1,791 | 28 | -1,647 | 172 | ||||||||
Total other income (expense) | -5,462 | -5,406 | - | -10,868 | ||||||||
Income (loss) before income taxes | -1,212 | 416 | - | -796 | ||||||||
Income tax benefit (provision) | -1,087 | 145 | - | -942 | ||||||||
Net income (loss) | -2,299 | 561 | - | -1,738 | ||||||||
Less: net income attributable to noncontrolling interest | - | -482 | - | -482 | ||||||||
Net income (loss) attributable to common shareholders | € | -2,299 | € | 79 | € | - | € | -2,220 | ||||
Three Months Ended September 30, 2012 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Eliminations | Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 112,777 | € | 92,345 | € | - | € | 205,122 | ||||
Energy and chemicals | 6,960 | 11,193 | - | 18,153 | ||||||||
119,737 | 103,538 | - | 223,275 | |||||||||
Operating costs | 109,815 | 81,268 | - | 191,083 | ||||||||
Operating depreciation and amortization | 8,303 | 6,669 | - | 14,972 | ||||||||
Selling, general and administrative expenses | 6,392 | 3,614 | - | 10,006 | ||||||||
124,510 | 91,551 | - | 216,061 | |||||||||
Operating income (loss) | -4,773 | 11,987 | - | 7,214 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -6,010 | -9,473 | 1,399 | -14,084 | ||||||||
Gain (loss) on derivative instruments | 353 | -1,236 | - | -883 | ||||||||
Other income (expense) | 1,665 | 251 | -1,399 | 517 | ||||||||
Total other income (expense) | -3,992 | -10,458 | - | -14,450 | ||||||||
Income (loss) before income taxes | -8,765 | 1,529 | - | -7,236 | ||||||||
Income tax benefit (provision) | -1,192 | -718 | - | -1,910 | ||||||||
Net income (loss) | -9,957 | 811 | - | -9,146 | ||||||||
Less: net income attributable to noncontrolling interest | - | -566 | - | -566 | ||||||||
Net income (loss) attributable to common shareholders | € | -9,957 | € | 245 | € | - | € | -9,712 | ||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Operations | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Eliminations | Consolidated Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 311,575 | € | 248,304 | € | - | € | 559,879 | ||||
Energy and chemicals | 19,065 | 32,595 | - | 51,660 | ||||||||
330,640 | 280,899 | - | 611,539 | |||||||||
Operating costs | 283,896 | 234,136 | - | 518,032 | ||||||||
Operating depreciation and amortization | 24,579 | 19,528 | - | 44,107 | ||||||||
Selling, general and administrative expenses | 16,968 | 10,727 | - | 27,695 | ||||||||
Restructuring expenses | 2,926 | - | - | 2,926 | ||||||||
328,369 | 264,391 | - | 592,760 | |||||||||
Operating income (loss) | 2,271 | 16,508 | - | 18,779 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -17,939 | -26,309 | 4,943 | -39,305 | ||||||||
Gain (loss) on derivative instruments | -1,827 | 13,918 | - | 12,091 | ||||||||
Other income (expense) | 4,946 | 105 | -4,943 | 108 | ||||||||
Total other income (expense) | -14,820 | -12,286 | - | -27,106 | ||||||||
Income (loss) before income taxes | -12,549 | 4,222 | - | -8,327 | ||||||||
Income tax benefit (provision) | -2,714 | 280 | - | -2,434 | ||||||||
Net income (loss) | -15,263 | 4,502 | - | -10,761 | ||||||||
Less: net income attributable to noncontrolling interest | - | -1,795 | - | -1,795 | ||||||||
Net income (loss) attributable to common shareholders | € | -15,263 | € | 2,707 | € | - | € | -12,556 | ||||
Nine Months Ended September 30, 2012 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Eliminations | Consolidated Group | |||||||||
Revenues | ||||||||||||
Pulp | € | 326,411 | € | 264,186 | € | - | € | 590,597 | ||||
Energy and chemicals | 21,411 | 33,687 | - | 55,098 | ||||||||
347,822 | 297,873 | - | 645,695 | |||||||||
Operating costs | 302,913 | 228,557 | - | 531,470 | ||||||||
Operating depreciation and amortization | 23,750 | 20,034 | - | 43,784 | ||||||||
Selling, general and administrative expenses | 18,319 | 10,369 | - | 28,688 | ||||||||
344,982 | 258,960 | - | 603,942 | |||||||||
Operating income (loss) | 2,840 | 38,913 | - | 41,753 | ||||||||
Other income (expense) | ||||||||||||
Interest expense | -17,754 | -28,449 | 4,123 | -42,080 | ||||||||
Gain (loss) on derivative instruments | 1,972 | -636 | - | 1,336 | ||||||||
Other income (expense) | 3,405 | 457 | -4,123 | -261 | ||||||||
Total other income (expense) | -12,377 | -28,628 | - | -41,005 | ||||||||
Income (loss) before income taxes | -9,537 | 10,285 | - | 748 | ||||||||
Income tax benefit (provision) | -3,305 | -1,602 | - | -4,907 | ||||||||
Net income (loss) | -12,842 | 8,683 | - | -4,159 | ||||||||
Less: net income attributable to noncontrolling interest | - | -2,865 | - | -2,865 | ||||||||
Net income (loss) attributable to common shareholders | € | -12,842 | € | 5,818 | € | - | € | -7,024 | ||||
Combined Condensed Statements Of Cash Flows | ' | |||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -2,299 | € | 561 | € | -1,738 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | 640 | -3,038 | -2,398 | |||||||||
Depreciation and amortization | 8,192 | 6,502 | 14,694 | |||||||||
Deferred income taxes | -115 | - | -115 | |||||||||
Stock compensation expense | 621 | - | 621 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | 124 | - | 124 | |||||||||
Other | 75 | 386 | 461 | |||||||||
Changes in working capital | ||||||||||||
Receivables | -3,350 | 2,654 | -696 | |||||||||
Inventories | -5,366 | -9,882 | -15,248 | |||||||||
Accounts payable and accrued expenses | 2,517 | 6,544 | 9,061 | |||||||||
Other(1) | -2,659 | 2,736 | 77 | |||||||||
Net cash from (used in) operating activities | -1,620 | 6,463 | 4,843 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -2,199 | -4,792 | -6,991 | |||||||||
Acquisition of noncontrolling interest (Note 9) | -14,809 | 14,809 | - | |||||||||
Proceeds on sale of property, plant and equipment | 194 | 39 | 233 | |||||||||
Net cash from (used in) investing activities | -16,814 | 10,056 | -6,758 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt | -544 | -21,630 | -22,174 | |||||||||
Proceeds from issuance of notes and borrowings of debt | 39,607 | - | 39,607 | |||||||||
Repayment of capital lease obligations | -122 | -274 | -396 | |||||||||
Proceeds from (repayment of) credit facilities, net | -12,226 | - | -12,226 | |||||||||
Payment of note issuance costs | -1,306 | -488 | -1,794 | |||||||||
Proceeds from government grants | - | - | - | |||||||||
Net cash from (used in) financing activities | 25,409 | -22,392 | 3,017 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | -1,367 | - | -1,367 | |||||||||
Net increase (decrease) in cash and cash equivalents | 5,608 | -5,873 | -265 | |||||||||
Cash and cash equivalents, beginning of period | 69,467 | 64,966 | 134,433 | |||||||||
Cash and cash equivalents, end of period | € | 75,075 | € | 59,093 | € | 134,168 | ||||||
_________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||
Restricted | Unrestricted | Consolidated | ||||||||||
Group | Subsidiaries | Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -9,957 | € | 811 | € | -9,146 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | -353 | 1,236 | 883 | |||||||||
Depreciation and amortization | 8,385 | 6,669 | 15,054 | |||||||||
Deferred income taxes | 1,040 | - | 1,040 | |||||||||
Stock compensation expense | 891 | - | 891 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | -73 | - | -73 | |||||||||
Other | 543 | 869 | 1,412 | |||||||||
Changes in working capital | ||||||||||||
Receivables | -6,130 | -7,992 | -14,122 | |||||||||
Inventories | 1,693 | 4,141 | 5,834 | |||||||||
Accounts payable and accrued expenses | 9,800 | -108 | 9,692 | |||||||||
Other(1) | -4,225 | 1,986 | -2,239 | |||||||||
Net cash from (used in) operating activities | 1,614 | 7,612 | 9,226 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -6,380 | -2,772 | -9,152 | |||||||||
Proceeds on sale of property, plant and equipment | 37 | 11 | 48 | |||||||||
Proceeds on maturity of marketable securities | 10,213 | - | 10,213 | |||||||||
Net cash from (used in) investing activities | 3,870 | -2,761 | 1,109 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt | -544 | -15,000 | -15,544 | |||||||||
Repayment of capital lease obligations | -234 | -274 | -508 | |||||||||
Proceeds from government grants | - | 778 | 778 | |||||||||
Net cash from (used in) financing activities | -778 | -14,496 | -15,274 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | 221 | - | 221 | |||||||||
Net increase (decrease) in cash and cash equivalents | 4,927 | -9,645 | -4,718 | |||||||||
Cash and cash equivalents, beginning of period | 50,096 | 80,791 | 130,887 | |||||||||
Cash and cash equivalents, end of period | € | 55,023 | € | 71,146 | € | 126,169 | ||||||
___________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Consolidated Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -15,263 | € | 4,502 | € | -10,761 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | 1,144 | -13,918 | -12,774 | |||||||||
Depreciation and amortization | 24,770 | 19,528 | 44,298 | |||||||||
Deferred income taxes | 1,309 | 3,147 | 4,456 | |||||||||
Stock compensation expense | 1,194 | - | 1,194 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | 457 | - | 457 | |||||||||
Other | 778 | 1,836 | 2,614 | |||||||||
Changes in working capital | ||||||||||||
Receivables | 7,174 | 4,175 | 11,349 | |||||||||
Inventories | 3,004 | -10,359 | -7,355 | |||||||||
Accounts payable and accrued expenses | 11,143 | 6,945 | 18,088 | |||||||||
Other(1) | -11,299 | 4,886 | -6,413 | |||||||||
Net cash from (used in) operating activities | 24,411 | 20,742 | 45,153 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -7,446 | -21,922 | -29,368 | |||||||||
Acquisition of noncontrolling interest (Note 9) | -14,809 | 14,809 | - | |||||||||
Proceeds on sale of property, plant and equipment | 207 | 41 | 248 | |||||||||
Net cash from (used in) investing activities | -22,048 | -7,072 | -29,120 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt | -1,089 | -41,630 | -42,719 | |||||||||
Proceeds from issuance of notes and borrowings of debt | 39,607 | 17,000 | 56,607 | |||||||||
Repayment of capital lease obligations | -366 | -1,131 | -1,497 | |||||||||
Proceeds from (repayment of) credit facilities, net | 728 | - | 728 | |||||||||
Payment of note issuance costs | -1,306 | -488 | -1,794 | |||||||||
Proceeds from government grants | - | 4,147 | 4,147 | |||||||||
Net cash from (used in) financing activities | 37,574 | -22,102 | 15,472 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | -1,576 | - | -1,576 | |||||||||
Net increase (decrease) in cash and cash equivalents | 38,361 | -8,432 | 29,929 | |||||||||
Cash and cash equivalents, beginning of period | 36,714 | 67,525 | 104,239 | |||||||||
Cash and cash equivalents, end of period | € | 75,075 | € | 59,093 | € | 134,168 | ||||||
___________________________ | ||||||||||||
-1 | Includes intercompany related transactions. | |||||||||||
Note 13. Restricted Group Supplemental Disclosure (continued) | ||||||||||||
Combined Condensed Statements of Cash Flows | ||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||
Restricted Group | Unrestricted Subsidiaries | Consolidated Group | ||||||||||
Cash flows from (used in) operating activities | ||||||||||||
Net income (loss) | € | -12,842 | € | 8,683 | € | -4,159 | ||||||
Adjustments to reconcile net income (loss) to cash flows | ||||||||||||
from operating activities | ||||||||||||
Unrealized loss (gain) on derivative instruments | -1,972 | 636 | -1,336 | |||||||||
Depreciation and amortization | 23,958 | 20,034 | 43,992 | |||||||||
Deferred income taxes | 2,956 | -5,256 | -2,300 | |||||||||
Stock compensation expense | 1,753 | - | 1,753 | |||||||||
Pension and other post-retirement expense, net of | ||||||||||||
funding | -128 | - | -128 | |||||||||
Other | 66 | 2,212 | 2,278 | |||||||||
Changes in working capital | ||||||||||||
Receivables | -407 | 1,308 | 901 | |||||||||
Inventories | 3,946 | 5,330 | 9,276 | |||||||||
Accounts payable and accrued expenses | 12,180 | 966 | 13,146 | |||||||||
Other(1) | -12,213 | 11,312 | -901 | |||||||||
Net cash from (used in) operating activities | 17,297 | 45,225 | 62,522 | |||||||||
Cash flows from (used in) investing activities | ||||||||||||
Purchase of property, plant and equipment | -19,413 | -8,042 | -27,455 | |||||||||
Proceeds on sale of property, plant and equipment | 274 | 113 | 387 | |||||||||
Proceeds on maturity of marketable securities | 12,221 | - | 12,221 | |||||||||
Net cash from (used in) investing activities | -6,918 | -7,929 | -14,847 | |||||||||
Cash flows from (used in) financing activities | ||||||||||||
Repayment of debt and purchase of notes | -2,671 | -24,583 | -27,254 | |||||||||
Repayment of capital lease obligations | -600 | -967 | -1,567 | |||||||||
Payment of note issuance costs | - | -1,621 | -1,621 | |||||||||
Proceeds from government grants | 2,322 | 778 | 3,100 | |||||||||
Net cash from (used in) financing activities | -949 | -26,393 | -27,342 | |||||||||
Effect of exchange rate changes on cash and cash | ||||||||||||
equivalents | 764 | - | 764 | |||||||||
Net increase (decrease) in cash and cash equivalents | 10,194 | 10,903 | 21,097 | |||||||||
Cash and cash equivalents, beginning of period | 44,829 | 60,243 | 105,072 | |||||||||
Cash and cash equivalents, end of period | € | 55,023 | € | 71,146 | € | 126,169 | ||||||
___________________________ | ||||||||||||
Includes intercompany related transactions. | ||||||||||||
The_Company_And_Summary_Of_Sig2
The Company And Summary Of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segment | |
The Company And Summary Of Significant Accounting Policies [Abstract] | ' |
Number of reportable segments | 1 |
Inventories_Details
Inventories (Details) (EUR €) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | € 47,769 | € 46,028 |
Finished goods | 36,991 | 38,169 |
Spare parts and other | 37,844 | 34,103 |
Inventories | € 122,604 | € 118,300 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | Nov. 17, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||||||||||||||||
USD ($) | EUR (€) | EUR (€) | Stendal Loan Facility [Member] | Stendal Loan Facility [Member] | Stendal Loan Facility [Member] | Stendal Loan Facility [Member] | Stendal Loan Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Project Blue Mill [Member] | Project Blue Mill [Member] | Loans Payable To The Noncontrolling Shareholder[Member] | Loans Payable To The Noncontrolling Shareholder[Member] | Investment Loan Agreement At Rosenthal Mill [Member] | Investment Loan Agreement At Rosenthal Mill [Member] | Rosenthal Credit Facility - 25 Million [Member] | Rosenthal Credit Facility - 25 Million [Member] | Rosenthal Credit Facility - 5.0 Million [Member] | Rosenthal Credit Facility - 5.0 Million [Member] | Canadian Dollar Borrowings Rate Option 1 [Member] | Canadian Dollar Borrowings Rate Option 2 [Member] | US Dollar Borrowings Rate Option 1 [Member] | US Dollar Borrowings Rate Option 2 [Member] | Twelve Month Period Beginning Dec 1, 2014 [Member] | Twelve Month Period Beginning Dec 1, 2015 [Member] | Beginning Dec 1, 2016 And Thereafter [Member] | Loan Payable To The Noncontrolling Shareholder 3 [Member] | |||||||||||||||||
USD ($) | EUR (€) | EUR (€) | Minimum [Member] | Maximum [Member] | USD ($) | EUR (€) | EUR (€) | USD ($) | EUR (€) | EUR (€) | USD ($) | CAD | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Loans Payable To The Noncontrolling Shareholder[Member] | |||||||||||||||||||||
EUR (€) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt, face amount | ' | ' | ' | ' | € 827,950,000 | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | € 26,760,000 | ' | € 4,351,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | € 440,000 | ||||||||||||||||
Varying basis spread | ' | ' | ' | ' | ' | ' | 0.90% | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | 2.75% | ' | 3.50% | ' | 3.50% | ' | 1.75% | 0.25% | 1.75% | 0.25% | ' | ' | ' | ' | ||||||||||||||||
Description of variable basis spread | ' | ' | ' | 'Euribor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Euribor | ' | ' | ' | 'Euribor | ' | 'Euribor | ' | 'three-month Euribor | ' | 'bankers acceptance | 'Canadian prime | 'LIBOR | 'U.S. base | ' | ' | ' | ' | ||||||||||||||||
Interest rate at period | ' | ' | ' | ' | ' | ' | 1.39% | 2.14% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | 3.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Percentage Of Debt Guaranteed By The Federal Republic Of Germany | ' | ' | ' | ' | 48.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Percentage Of Debt Guaranteed By The State Of Saxony-Anhalt | ' | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Maximum Amount Of Principal Debt Guaranteed By the German Government | ' | ' | ' | ' | 352,907,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt Instrument, Amount Of Debt Supporting Bank Guarantees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Deferred Scheduled Principal Payment To Debt Maturity Date | ' | ' | ' | ' | 164,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt, maturity date | ' | ' | ' | 30-Sep-17 | ' | ' | ' | ' | ' | 1-Dec-17 | 1-Dec-17 | ' | ' | ' | ' | ' | 1-May-16 | 1-May-16 | ' | 1-Sep-17 | ' | 1-Oct-17 | ' | 1-Feb-14 | ' | 1-Oct-16 | ' | 1-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt, offering date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17-Nov-10 | 17-Nov-10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Cash sweep, percent | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Working capital reserve | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
DSRA balance | ' | ' | ' | ' | 32,996,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Issued price percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 104.50% | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Authorized repurchase principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Repurchased amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt repurchase program, period in force | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Senior Note Redemption Notice Minimum Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Senior Note Redemption Notice Maximum Days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Redemption prices expressed as percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.75% | 102.38% | 100.00% | ' | ||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | 25,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,997,000 | 9,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Line of credit facility interest rate at period end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.97% | 2.97% | ' | 3.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Amount drawn | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 24,400,000 | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Balance in investment account used to fund Project Blue Mill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,339,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt | ' | 720,249,000 | 711,403,000 | ' | 412,907,000 | [1] | 452,907,000 | [1] | ' | ' | ' | ' | 248,642,000 | [2] | ' | ' | 215,670,000 | [2] | ' | ' | ' | 5,029,000 | [3] | 4,574,000 | [3] | 15,370,000 | [4] | 0 | [4] | 37,757,000 | [5] | 36,620,000 | [5] | 544,000 | [6] | 1,632,000 | [6] | 0 | [7] | 0 | [7] | 0 | [8] | 0 | [8] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | 50,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Parent capital contribution to subsidiary | $20,000,000 | € 14,809,000 | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | Note payable to bank, included in a total loan facility of €827,950 to finance the construction related to the Stendal mill ("Stendal Loan Facility"), interest at rates varying from Euribor plus 0.90% to Euribor plus 1.80% (rates on amounts of borrowing at September 30, 2013 range from 1.39% to 2.14%), principal due in required installments beginning September 30, 2006 until September 30, 2017, collateralized by the gross assets of the Stendal mill, with 48% and 32% guaranteed by the Federal Republic of Germany and the State of Saxony-Anhalt, respectively, of up to €352,907 of outstanding principal, subject to a debt service reserve account ("DSRA") for purposes of paying amounts due in the following 12 months under the terms of the Stendal Loan Facility; payment of dividends is only permitted if certain cash flow requirements are met. See Note 10 - Derivative Transactions for a discussion of the Companybs variable-to-fixed interest rate swap that was put in place to effectively fix the interest rate on the Stendal Loan Facility.On March 13, 2009, the Company finalized an agreement with its lenders to amend its Stendal Loan Facility.B The amendment deferred approximately €164,000 of scheduled principal payments until the maturity date, September 30, 2017. The amendment also provided for a 100% cash sweep, referred to as the "Cash Sweep", of any cash, in excess of a €15,000 working capital reserve, the Guarantee Amount, as discussed in Note 12(a) - Commitments and Contingencies, and other amounts as contemplated in the amendment, held by Stendal which will be used first to fund the DSRA to a level sufficient to service the amounts due and payable under the Stendal Loan Facility during the then following 12 months, which means the DSRA is "Fully Funded", and second to prepay the deferred principal amounts. As at September 30, 2013, the DSRA balance was €32,996 and was not Fully Funded.On September 30, 2013, the Company amended the terms of the Stendal Loan Facility and Project Blue Mill facility (the bFacilitiesb) (Note 3(d)). The amendment included waiving compliance with the annual debt service cover ratio and the senior debt cover ratio under the Facilities until and including December 31, 2013; amending the senior debt cover ratio so that it now deducts the DSRA and other specified cash above a stipulated threshold in the calculation of senior debt; providing that a failure to satisfy the annual debt service cover ratio under the Facilities would only be an event of default when amounts in the DSRA plus certain cash reserves are below a specified threshold; and revising the calculation of amounts required to cure a senior debt cover ratio default. Pursuant to the amended agreement the Company made a capital investment of $20.0 million in Stendal. See Note 9 - Noncontrolling Interest for details of the investment. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On November 17, 2010, the Company completed a private offering of $300.0 million in aggregate principal amount of senior notes due 2017 ("Senior Notes"). The Senior Notes were issued at a price of 100% of their principal amount. The Senior Notes will mature on December 1, 2017 and bear interest at 9.50% which is accrued and payable semi-annually.In July 2013, the Company issued $50.0 million in aggregate principal amount of its Senior Notes. The additional notes were priced at 104.50% plus accrued interest from June 1, 2013. The net proceeds from the offering were $50.5 million, after deducting the underwriterbs discounts, offering expenses and accrued interest. The Company used the net proceeds from the offering to repay the revolving credit facilities of the Rosenthal and Celgar mills and for general corporate purposes. In June 2012, the Companybs Board of Directors authorized the purchase of up to €50,000 in aggregate principal amount of the Companybs Senior Notes from time to time, over a period ended June 2013. During the six month period ended June 30, 2013, the Company did not purchase any of its outstanding Senior Notes. During the twelve month period ended December 31, 2012, the Company purchased $2.0 million of its outstanding Senior Notes. The Senior Notes are general unsecured senior obligations of the Company. The Senior Notes rank equal in right of payment with all existing and future senior unsecured indebtedness of the Company and senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all borrowings of the Company's restricted subsidiaries, including borrowings under the Company's credit agreements which are secured by certain assets of its restricted subsidiaries.Note 3. Debt (continued)The Company may redeem all or a part of the Senior Notes, upon not less than 30 days' or more than 60 days' notice, at the redemption prices (expressed as percentages of principal amount) equal to 104.75% for the twelve month period beginning on December 1, 2014, 102.38% for the twelve month period beginning on December 1, 2015, and 100.00% beginning on December 1, 2016 and at any time thereafter, plus accrued and unpaid interest. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Credit agreement with respect to a revolving credit facility of up to C$40.0 million for the Celgar mill. The credit facility matures May 2016. Borrowings under the credit facility are collateralized by the mill's inventory and receivables and are restricted by a borrowing base calculated on the mill's inventory and receivables. Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.75% or Canadian prime plus 0.25%. U.S. dollar denominated amounts bear interest at LIBOR plus 1.75% or U.S. base plus 0.25%. As at September 30, 2013, this facility was accruing interest at a rate of approximately 2.97%, C$7.0 million of this facility was drawn, C$1.7 million of this facility was supporting letters of credit and approximately C$21.4 million was available. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | A €17,000 amortizing term facility to partially finance a project, referred to as "Project Blue Mill", which is expected to increase the Stendal millbs annual pulp production capacity by 30,000 air-dried metric tonnes and includes the installation of an additional 40 megawatt steam turbine. The facility, 80% of which is guaranteed by the State of Saxony-Anhalt, bears interest at a rate of Euribor plus 3.5% per annum. The interest period for the facility, at the choice of the Company, will be of one, three or six months duration and interest is paid on the last day of the interest period selected. The facility, together with accrued interest, is scheduled to mature in September 2017. The facility will be repaid semi-annually, commencing September 30, 2013, is collateralized by the gross assets of the Stendal mill, and will be non-recourse to the Company. As at September 30, 2013, the facility was accruing interest at a rate of approximately 3.84%. As part of this term facility, the Company was required to open an investment account with the lender for the purpose of managing project costs and is required to deposit all funding associated with Project Blue Mill in this account. As at September 30, 2013, the balance in the investment account was €1,339. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Loans of €26,760 payable by the Stendal mill to its noncontrolling shareholder bear interest at a rate of 1.00% per annum and are due in 2017, provided that the Project Blue Mill facility (Note 3(d)) and the Stendal Loan Facility (Note 3(a)) have been fully repaid on such date. The loans are unsecured, subordinated to all liabilities of the Stendal mill, non-recourse to the Company and its restricted subsidiaries. One of the loans, which has a principal amount of €440, may be repaid prior to October 1, 2017 if the DSRA has been Fully Funded for the first time and this loan is subordinated to all liabilities of the Stendal mill only until such time as the DSRA is Fully Funded for the first time. As at September 30, 2013, accrued interest on these loans was €10,997. As at December 31, 2012, accrued interest on these loans was €9,860. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | A four-year amortizing investment loan agreement with a lender relating to the wash press project at the Rosenthal mill with a total facility of €4,351 bearing interest at the rate of Euribor plus 2.75% that matures February 2014. Borrowings under this agreement are secured by the wash press equipment. As at September 30, 2013, the balance outstanding was €544 and was accruing interest at a rate of 3.09%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | A €25,000 working capital facility at the Rosenthal mill that matures in October 2016. Borrowings under the facility are collateralized by the mill's inventory and receivables and bear interest at Euribor plus 3.50%. As at September 30, 2013, approximately €600 of this facility was supporting bank guarantees leaving approximately €24,400 available. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[8] | A €5,000 facility at the Rosenthal mill that matures in December 2015. Borrowings under this facility bear interest at the rate of the three-month Euribor plus 3.50% and are secured by certain land at the Rosenthal mill. As at September 30, 2013, approximately €1,100 of this facility was supporting bank guarantees leaving approximately €3,900 available. |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2013 | Dec. 31, 2012 | Nov. 17, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||
EUR (€) | EUR (€) | Stendal Loan Facility [Member] | Stendal Loan Facility [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Credit Agreement For Celgar Mill [Member] | Project Blue Mill [Member] | Project Blue Mill [Member] | Loans Payable To The Noncontrolling Shareholder[Member] | Loans Payable To The Noncontrolling Shareholder[Member] | Investment Loan Agreement At Rosenthal Mill [Member] | Investment Loan Agreement At Rosenthal Mill [Member] | Rosenthal Credit Facility - 25 Million [Member] | Rosenthal Credit Facility - 25 Million [Member] | Rosenthal Credit Facility - 5.0 Million [Member] | Rosenthal Credit Facility - 5.0 Million [Member] | |||||||||||||||||
EUR (€) | EUR (€) | EUR (€) | USD ($) | EUR (€) | USD ($) | CAD | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total debt | € 720,249,000 | € 711,403,000 | € 412,907,000 | [1] | € 452,907,000 | [1] | € 248,642,000 | [2] | ' | € 215,670,000 | [2] | ' | ' | € 5,029,000 | [3] | € 4,574,000 | [3] | € 15,370,000 | [4] | € 0 | [4] | € 37,757,000 | [5] | € 36,620,000 | [5] | € 544,000 | [6] | € 1,632,000 | [6] | € 0 | [7] | € 0 | [7] | € 0 | [8] | € 0 | [8] |
Less: current portion | -43,802,000 | -45,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt, less current portion | 676,447,000 | 665,741,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Debt, face amount | ' | ' | 827,950,000 | ' | ' | 50,000,000 | ' | 300,000,000 | ' | ' | ' | ' | ' | 26,760,000 | ' | 4,351,000 | ' | ' | ' | ' | ' | ||||||||||||||||
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | € 17,000,000 | ' | ' | ' | ' | ' | € 25,000,000 | ' | € 5,000,000 | ' | ||||||||||||||||
Debt, stated interest rate | ' | ' | ' | ' | 9.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | Note payable to bank, included in a total loan facility of €827,950 to finance the construction related to the Stendal mill ("Stendal Loan Facility"), interest at rates varying from Euribor plus 0.90% to Euribor plus 1.80% (rates on amounts of borrowing at September 30, 2013 range from 1.39% to 2.14%), principal due in required installments beginning September 30, 2006 until September 30, 2017, collateralized by the gross assets of the Stendal mill, with 48% and 32% guaranteed by the Federal Republic of Germany and the State of Saxony-Anhalt, respectively, of up to €352,907 of outstanding principal, subject to a debt service reserve account ("DSRA") for purposes of paying amounts due in the following 12 months under the terms of the Stendal Loan Facility; payment of dividends is only permitted if certain cash flow requirements are met. See Note 10 - Derivative Transactions for a discussion of the Companybs variable-to-fixed interest rate swap that was put in place to effectively fix the interest rate on the Stendal Loan Facility.On March 13, 2009, the Company finalized an agreement with its lenders to amend its Stendal Loan Facility.B The amendment deferred approximately €164,000 of scheduled principal payments until the maturity date, September 30, 2017. The amendment also provided for a 100% cash sweep, referred to as the "Cash Sweep", of any cash, in excess of a €15,000 working capital reserve, the Guarantee Amount, as discussed in Note 12(a) - Commitments and Contingencies, and other amounts as contemplated in the amendment, held by Stendal which will be used first to fund the DSRA to a level sufficient to service the amounts due and payable under the Stendal Loan Facility during the then following 12 months, which means the DSRA is "Fully Funded", and second to prepay the deferred principal amounts. As at September 30, 2013, the DSRA balance was €32,996 and was not Fully Funded.On September 30, 2013, the Company amended the terms of the Stendal Loan Facility and Project Blue Mill facility (the bFacilitiesb) (Note 3(d)). The amendment included waiving compliance with the annual debt service cover ratio and the senior debt cover ratio under the Facilities until and including December 31, 2013; amending the senior debt cover ratio so that it now deducts the DSRA and other specified cash above a stipulated threshold in the calculation of senior debt; providing that a failure to satisfy the annual debt service cover ratio under the Facilities would only be an event of default when amounts in the DSRA plus certain cash reserves are below a specified threshold; and revising the calculation of amounts required to cure a senior debt cover ratio default. Pursuant to the amended agreement the Company made a capital investment of $20.0 million in Stendal. See Note 9 - Noncontrolling Interest for details of the investment. | ||||||||||||||||||||||||||||||||||||
[2] | On November 17, 2010, the Company completed a private offering of $300.0 million in aggregate principal amount of senior notes due 2017 ("Senior Notes"). The Senior Notes were issued at a price of 100% of their principal amount. The Senior Notes will mature on December 1, 2017 and bear interest at 9.50% which is accrued and payable semi-annually.In July 2013, the Company issued $50.0 million in aggregate principal amount of its Senior Notes. The additional notes were priced at 104.50% plus accrued interest from June 1, 2013. The net proceeds from the offering were $50.5 million, after deducting the underwriterbs discounts, offering expenses and accrued interest. The Company used the net proceeds from the offering to repay the revolving credit facilities of the Rosenthal and Celgar mills and for general corporate purposes. In June 2012, the Companybs Board of Directors authorized the purchase of up to €50,000 in aggregate principal amount of the Companybs Senior Notes from time to time, over a period ended June 2013. During the six month period ended June 30, 2013, the Company did not purchase any of its outstanding Senior Notes. During the twelve month period ended December 31, 2012, the Company purchased $2.0 million of its outstanding Senior Notes. The Senior Notes are general unsecured senior obligations of the Company. The Senior Notes rank equal in right of payment with all existing and future senior unsecured indebtedness of the Company and senior in right of payment to any current or future subordinated indebtedness of the Company. The Senior Notes are effectively junior in right of payment to all borrowings of the Company's restricted subsidiaries, including borrowings under the Company's credit agreements which are secured by certain assets of its restricted subsidiaries.Note 3. Debt (continued)The Company may redeem all or a part of the Senior Notes, upon not less than 30 days' or more than 60 days' notice, at the redemption prices (expressed as percentages of principal amount) equal to 104.75% for the twelve month period beginning on December 1, 2014, 102.38% for the twelve month period beginning on December 1, 2015, and 100.00% beginning on December 1, 2016 and at any time thereafter, plus accrued and unpaid interest. | ||||||||||||||||||||||||||||||||||||
[3] | Credit agreement with respect to a revolving credit facility of up to C$40.0 million for the Celgar mill. The credit facility matures May 2016. Borrowings under the credit facility are collateralized by the mill's inventory and receivables and are restricted by a borrowing base calculated on the mill's inventory and receivables. Canadian dollar denominated amounts bear interest at bankers acceptance plus 1.75% or Canadian prime plus 0.25%. U.S. dollar denominated amounts bear interest at LIBOR plus 1.75% or U.S. base plus 0.25%. As at September 30, 2013, this facility was accruing interest at a rate of approximately 2.97%, C$7.0 million of this facility was drawn, C$1.7 million of this facility was supporting letters of credit and approximately C$21.4 million was available. | ||||||||||||||||||||||||||||||||||||
[4] | A €17,000 amortizing term facility to partially finance a project, referred to as "Project Blue Mill", which is expected to increase the Stendal millbs annual pulp production capacity by 30,000 air-dried metric tonnes and includes the installation of an additional 40 megawatt steam turbine. The facility, 80% of which is guaranteed by the State of Saxony-Anhalt, bears interest at a rate of Euribor plus 3.5% per annum. The interest period for the facility, at the choice of the Company, will be of one, three or six months duration and interest is paid on the last day of the interest period selected. The facility, together with accrued interest, is scheduled to mature in September 2017. The facility will be repaid semi-annually, commencing September 30, 2013, is collateralized by the gross assets of the Stendal mill, and will be non-recourse to the Company. As at September 30, 2013, the facility was accruing interest at a rate of approximately 3.84%. As part of this term facility, the Company was required to open an investment account with the lender for the purpose of managing project costs and is required to deposit all funding associated with Project Blue Mill in this account. As at September 30, 2013, the balance in the investment account was €1,339. | ||||||||||||||||||||||||||||||||||||
[5] | Loans of €26,760 payable by the Stendal mill to its noncontrolling shareholder bear interest at a rate of 1.00% per annum and are due in 2017, provided that the Project Blue Mill facility (Note 3(d)) and the Stendal Loan Facility (Note 3(a)) have been fully repaid on such date. The loans are unsecured, subordinated to all liabilities of the Stendal mill, non-recourse to the Company and its restricted subsidiaries. One of the loans, which has a principal amount of €440, may be repaid prior to October 1, 2017 if the DSRA has been Fully Funded for the first time and this loan is subordinated to all liabilities of the Stendal mill only until such time as the DSRA is Fully Funded for the first time. As at September 30, 2013, accrued interest on these loans was €10,997. As at December 31, 2012, accrued interest on these loans was €9,860. | ||||||||||||||||||||||||||||||||||||
[6] | A four-year amortizing investment loan agreement with a lender relating to the wash press project at the Rosenthal mill with a total facility of €4,351 bearing interest at the rate of Euribor plus 2.75% that matures February 2014. Borrowings under this agreement are secured by the wash press equipment. As at September 30, 2013, the balance outstanding was €544 and was accruing interest at a rate of 3.09%. | ||||||||||||||||||||||||||||||||||||
[7] | A €25,000 working capital facility at the Rosenthal mill that matures in October 2016. Borrowings under the facility are collateralized by the mill's inventory and receivables and bear interest at Euribor plus 3.50%. As at September 30, 2013, approximately €600 of this facility was supporting bank guarantees leaving approximately €24,400 available. | ||||||||||||||||||||||||||||||||||||
[8] | A €5,000 facility at the Rosenthal mill that matures in December 2015. Borrowings under this facility bear interest at the rate of the three-month Euribor plus 3.50% and are secured by certain land at the Rosenthal mill. As at September 30, 2013, approximately €1,100 of this facility was supporting bank guarantees leaving approximately €3,900 available. |
Debt_Principal_Maturities_Of_D
Debt (Principal Maturities Of Debt) (Details) (EUR €) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt [Abstract] | ' | ' |
2013 | € 0 | ' |
2014 | 43,802 | ' |
2015 | 47,584 | ' |
2016 | 52,613 | ' |
2017 | 576,250 | ' |
Thereafter | 0 | ' |
Total debt | € 720,249 | € 711,403 |
Pension_And_Other_PostRetireme1
Pension And Other Post-Retirement Benefit Obligations (Details) (EUR €) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Benefits [Member] | ' | ' | ' | ' |
Retirement Benefits [Line Items] | ' | ' | ' | ' |
Service cost | € 25 | € 29 | € 78 | € 84 |
Interest cost | 344 | 393 | 1,052 | 1,144 |
Expected return on plan assets | -399 | -421 | -1,222 | -1,228 |
Recognized net loss | 269 | 291 | 824 | 848 |
Net periodic benefit cost | 239 | 292 | 732 | 848 |
Post-Retirement Benefits [Member] | ' | ' | ' | ' |
Retirement Benefits [Line Items] | ' | ' | ' | ' |
Service cost | 141 | 145 | 432 | 423 |
Interest cost | 208 | 226 | 635 | 657 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net loss | 22 | 1 | 67 | 4 |
Net periodic benefit cost | 371 | 372 | 1,134 | 1,084 |
Celgar Defined Benefit Plans [Member] | ' | ' | ' | ' |
Retirement Benefits [Line Items] | ' | ' | ' | ' |
Pension and other post-retirement benefit contributions | 471 | 481 | 1,373 | 1,493 |
Defined Contribution Plan Jan 1, 2009 [Member] | ' | ' | ' | ' |
Retirement Benefits [Line Items] | ' | ' | ' | ' |
Pension contributions | 148 | 142 | 439 | 462 |
Multiemployer Plan [Member] | ' | ' | ' | ' |
Retirement Benefits [Line Items] | ' | ' | ' | ' |
Multiemployer plan contributions | € 369 | € 632 | € 1,130 | € 1,572 |
Share_Capital_Details
Share Capital (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Share Capital [Line Items] | ' | ' |
Common shares, authorized | 200,000,000 | ' |
Common shares, par value | 1 | ' |
Common shares, issued | 55,853,704 | 55,815,704 |
Common shares, outstanding | 55,853,704 | 55,815,704 |
Preferred shares, authorized | 50,000,000 | ' |
Preferred shares, par value | 1 | ' |
Preferred shares, issued | 0 | ' |
Series A [Member] | ' | ' |
Share Capital [Line Items] | ' | ' |
Preferred shares, authorized | 2,000,000 | ' |
Restricted Stock [Member] | ' | ' |
Share Capital [Line Items] | ' | ' |
Shares granted | 38,000 | 36,500 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Stock-Based Compensation [Abstract] | ' |
Common shares available for grant | 1,100,000 |
Stock options expired | 100,000 |
Stock options outstanding | 75,000 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Share Activity - PSU's) (Details) (PSUs [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
PSUs [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding - Beginning | 786,129 | 795,312 |
Granted | 35,810 | 55,478 |
Forfeited | ' | -64,661 |
Outstanding - Ending | 821,939 | 786,129 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Share Activity - Restricted Shares) (Details) (Restricted Stock [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding - Beginning | 196,500 | 238,000 |
Granted | 38,000 | 36,500 |
Vested | -76,500 | -78,000 |
Outstanding - Ending | 158,000 | 196,500 |
Net_Income_Loss_Per_Share_Attr2
Net Income (Loss) Per Share Attributable To Common Shareholders (Details) (EUR €) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share Effect Of Dilutive Instruments [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) attributable to common shareholders - basic and diluted | -€ 2,220 | -€ 9,712 | -€ 12,556 | -€ 7,024 | ||||
Net income (loss) per share attributable to common shareholders, basic and diluted | -€ 0.04 | -€ 0.17 | -€ 0.23 | -€ 0.13 | ||||
Weighted average number of shares outstanding, basic and diluted | 55,695,704 | [1] | 55,619,204 | [1] | 55,666,470 | [1] | 55,589,226 | [1] |
Restricted Stock [Member] | ' | ' | ' | ' | ||||
Earnings Per Share Effect Of Dilutive Instruments [Line Items] | ' | ' | ' | ' | ||||
Contingently issuable shares excluded from the basic weighted average shares outstanding | 158,000 | 196,500 | 158,000 | 196,500 | ||||
[1] | The weighted average number of shares excludes 158,000 restricted shares which have been issued, but have not vested as at September 30, 2013 (2012 - 196,500 restricted shares). |
Net_Income_Loss_Per_Share_Attr3
Net Income (Loss) Per Share Attributable To Common Shareholders (Anti-Dilutive Instruments) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Performance Share Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities excluded from EPS computation | 821,939 | 767,979 | 821,939 | 767,979 |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities excluded from EPS computation | 158,000 | 196,500 | 158,000 | 196,500 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive securities excluded from EPS computation | 75,000 | 175,000 | 75,000 | 175,000 |
Restructuring_Expenses_Details
Restructuring Expenses (Details) (EUR €) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
employee | |||||
Expected workforce reduction | 85 | ' | ' | ' | ' |
Restructuring expenses | ' | € 2,926 | € 0 | € 2,926 | € 0 |
Restructuring reserve current | ' | 2,545 | ' | 2,545 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Restructuring and related cost expected cost | ' | ' | ' | 4,400 | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Restructuring and related cost expected cost | ' | ' | ' | € 5,900 | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 |
USD ($) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | EUR (€) | ||
Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling deficit | ' | € 7,699 | ' | € 7,699 | ' | € 16,880 | ' | € 18,574 |
Comprehensive income attributable to noncontrolling interest | ' | -482 | -566 | -1,795 | -2,865 | -1,694 | ' | ' |
Noncontrolling interest decrease from purchase of interest | ' | ' | ' | -7,386 | ' | ' | ' | ' |
Minority interest ownership percentage by parent | 83.00% | 83.00% | ' | 83.00% | ' | ' | 74.90% | ' |
Parent capital contribution to subsidiary | 20,000 | 14,809 | ' | ' | ' | ' | ' | ' |
Noncontrolling interest change in ownership percent | 8.10% | 8.10% | ' | ' | ' | ' | ' | ' |
Loss on acquisition of a portion of the noncontrolling interest in a subsidiary | ' | ' | ' | € 7,478 | ' | ' | ' | ' |
Derivative_Transactions_Detail
Derivative Transactions (Details) (EUR €) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2004 | Nov. 30, 2012 | 31-May-12 | Nov. 30, 2012 | Nov. 30, 2012 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Pulp Price Swap Contract [Member] | Pulp Price Swap Contract [Member] | Minimum [Member] | Maximum [Member] | |||||
Pulp Price Swap Contract [Member] | Pulp Price Swap Contract [Member] | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum principal amount of the Stendal loan facility covered by interest rate swaps | ' | ' | ' | ' | ' | € 612,600,000 | ' | ' | ' | ' |
Aggregate notional amount of interest rate swap | ' | ' | ' | ' | 332,684,000 | ' | ' | ' | ' | ' |
Derivative fixed interest rate | ' | ' | ' | ' | 5.28% | ' | ' | ' | ' | ' |
Derivative maturity date | ' | ' | ' | ' | 1-Oct-17 | ' | 1-Dec-13 | 1-Dec-12 | ' | ' |
Metric tonnes of pulp hedged per month | ' | ' | ' | ' | ' | ' | 3,000 | 5,000 | ' | ' |
Swap contract fixed price of pulp per metric tonne | ' | ' | ' | ' | ' | ' | ' | 915 | 880 | 890 |
Gain (loss) on interest rate derivative contract | 3,038,000 | -1,236,000 | 13,918,000 | -636,000 | ' | ' | ' | ' | ' | ' |
Gain (loss) on pulp price derivative contracts | -1,060,000 | 353,000 | -1,827,000 | 1,972,000 | ' | ' | ' | ' | ' | ' |
Gain (loss) on derivative instruments | € 1,978,000 | -€ 883,000 | € 12,091,000 | € 1,336,000 | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Fair_Val
Financial Instruments (Fair Value Of Financial Instruments) (Details) (EUR €) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Financial Instruments [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | € 134,168 | € 134,433 | € 104,239 | € 126,169 | € 130,887 | € 105,072 |
Marketable securities | 163 | ' | 184 | ' | ' | ' |
Receivables | 97,303 | ' | 110,087 | ' | ' | ' |
Pulp price derivative contract - asset, carrying value and fair value | 0 | ' | 745 | ' | ' | ' |
Accounts payable and other - excluding derivatives | 102,767 | ' | 89,950 | ' | ' | ' |
Pulp price derivative contract - liability, carrying value and fair value | 388 | ' | 0 | ' | ' | ' |
Debt | 720,249 | ' | 711,403 | ' | ' | ' |
Interest rate derivative contract - liability, carrying value and fair value | 36,759 | ' | 50,678 | ' | ' | ' |
Cash and cash equivalents, Fair Value | 134,168 | ' | 104,239 | ' | ' | ' |
Marketable securities, Fair Value | 163 | ' | 184 | ' | ' | ' |
Receivables, Fair Value | 97,303 | ' | 110,087 | ' | ' | ' |
Accounts payable and other - excluding derivatives, Fair Value | 102,767 | ' | 89,950 | ' | ' | ' |
Debt, Fair Value | € 712,490 | ' | € 700,001 | ' | ' | ' |
Financial_Instruments_Outstand
Financial Instruments (Outstanding Financial Instruments And Estimated Fair Values) (Details) (EUR €) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | € 163 | € 184 |
Pulp price derivative contract - asset, carrying value and fair value | 0 | 745 |
Fair value measurements - Assets | ' | 929 |
Pulp price derivative contract - liability, carrying value and fair value | 388 | 0 |
Interest rate derivative contract - liability, carrying value and fair value | 36,759 | 50,678 |
Debt, Fair Value | 712,490 | 700,001 |
Fair value measurements - Liabilities | 749,637 | 750,679 |
Fair Value, Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 163 | 184 |
Pulp price derivative contract - asset, carrying value and fair value | ' | 0 |
Fair value measurements - Assets | ' | 184 |
Pulp price derivative contract - liability, carrying value and fair value | 0 | ' |
Interest rate derivative contract - liability, carrying value and fair value | 0 | 0 |
Debt, Fair Value | 0 | 0 |
Fair value measurements - Liabilities | 0 | 0 |
Fair Value, Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Pulp price derivative contract - asset, carrying value and fair value | ' | 745 |
Fair value measurements - Assets | ' | 745 |
Pulp price derivative contract - liability, carrying value and fair value | 388 | ' |
Interest rate derivative contract - liability, carrying value and fair value | 36,759 | 50,678 |
Debt, Fair Value | 699,275 | 687,184 |
Fair value measurements - Liabilities | 736,422 | 737,862 |
Fair Value, Significant unobservable inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable securities | 0 | 0 |
Pulp price derivative contract - asset, carrying value and fair value | ' | 0 |
Fair value measurements - Assets | ' | 0 |
Pulp price derivative contract - liability, carrying value and fair value | 0 | ' |
Interest rate derivative contract - liability, carrying value and fair value | 0 | 0 |
Debt, Fair Value | 13,215 | 12,817 |
Fair value measurements - Liabilities | € 13,215 | € 12,817 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (EUR €) | Sep. 30, 2013 | Jan. 28, 2011 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies [Abstract] | ' | ' |
Compensation For Remediation Work | ' | € 10,000 |
Compensation For Remediation Work In Accounts Payable And Other | € 1,768 | € 10,000 |
Restricted_Group_Supplemental_2
Restricted Group Supplemental Disclosure (Combined Condensed Balance Sheets) (Details) (EUR €) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | € 134,168 | € 134,433 | € 104,239 | € 126,169 | € 130,887 | € 105,072 |
Receivables | 97,303 | ' | 110,087 | ' | ' | ' |
Inventories | 122,604 | ' | 118,300 | ' | ' | ' |
Prepaid expenses and other | 12,395 | ' | 7,907 | ' | ' | ' |
Deferred income tax | 4,235 | ' | 4,465 | ' | ' | ' |
Total current assets | 370,705 | ' | 344,998 | ' | ' | ' |
Property, plant and equipment | 777,415 | ' | 808,878 | ' | ' | ' |
Deferred note issuance and other | 14,138 | ' | 12,162 | ' | ' | ' |
Deferred income tax | 14,226 | ' | 17,565 | ' | ' | ' |
Due from unrestricted group | 0 | ' | 0 | ' | ' | ' |
Total assets | 1,176,484 | ' | 1,183,603 | ' | ' | ' |
Accounts payable and other | 103,155 | ' | 89,950 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 767 | ' | 813 | ' | ' | ' |
Debt | 43,802 | ' | 45,662 | ' | ' | ' |
Total current liabilities | 147,724 | ' | 136,425 | ' | ' | ' |
Debt, Long Term | 676,447 | ' | 665,741 | ' | ' | ' |
Due to restricted group | 0 | ' | 0 | ' | ' | ' |
Unrealized interest rate derivative losses | 36,759 | ' | 50,678 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 30,737 | ' | 32,141 | ' | ' | ' |
Capital leases and other | 14,505 | ' | 13,936 | ' | ' | ' |
Deferred income tax | 7,639 | ' | 5,757 | ' | ' | ' |
Total liabilities | 913,811 | ' | 904,678 | ' | ' | ' |
Total shareholders' equity (deficit) | 270,372 | ' | 295,805 | ' | ' | ' |
Noncontrolling interest (deficit) (Note 9) | -7,699 | ' | -16,880 | ' | ' | -18,574 |
Total liabilities and equity | 1,176,484 | ' | 1,183,603 | ' | ' | ' |
Restricted Group [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 75,075 | 69,467 | 36,714 | 55,023 | 50,096 | 44,829 |
Receivables | 52,595 | ' | 61,212 | ' | ' | ' |
Inventories | 68,731 | ' | 74,786 | ' | ' | ' |
Prepaid expenses and other | 7,977 | ' | 5,811 | ' | ' | ' |
Deferred income tax | 2,219 | ' | 2,188 | ' | ' | ' |
Total current assets | 206,597 | ' | 180,711 | ' | ' | ' |
Property, plant and equipment | 318,865 | ' | 345,311 | ' | ' | ' |
Deferred note issuance and other | 7,525 | ' | 6,607 | ' | ' | ' |
Deferred income tax | 8,726 | ' | 9,179 | ' | ' | ' |
Due from unrestricted group | 109,399 | ' | 102,311 | ' | ' | ' |
Total assets | 651,112 | ' | 644,119 | ' | ' | ' |
Accounts payable and other | 51,865 | ' | 42,106 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 767 | ' | 813 | ' | ' | ' |
Debt | 544 | ' | 5,662 | ' | ' | ' |
Total current liabilities | 53,176 | ' | 48,581 | ' | ' | ' |
Debt, Long Term | 253,671 | ' | 216,214 | ' | ' | ' |
Due to restricted group | 0 | ' | 0 | ' | ' | ' |
Unrealized interest rate derivative losses | 0 | ' | 0 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 30,737 | ' | 32,141 | ' | ' | ' |
Capital leases and other | 6,167 | ' | 6,073 | ' | ' | ' |
Deferred income tax | 7,639 | ' | 5,757 | ' | ' | ' |
Total liabilities | 351,390 | ' | 308,766 | ' | ' | ' |
Total shareholders' equity (deficit) | 299,722 | ' | 335,353 | ' | ' | ' |
Noncontrolling interest (deficit) (Note 9) | 0 | ' | 0 | ' | ' | ' |
Total liabilities and equity | 651,112 | ' | 644,119 | ' | ' | ' |
Unrestricted Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 59,093 | 64,966 | 67,525 | 71,146 | 80,791 | 60,243 |
Receivables | 44,708 | ' | 48,875 | ' | ' | ' |
Inventories | 53,873 | ' | 43,514 | ' | ' | ' |
Prepaid expenses and other | 4,418 | ' | 2,096 | ' | ' | ' |
Deferred income tax | 2,016 | ' | 2,277 | ' | ' | ' |
Total current assets | 164,108 | ' | 164,287 | ' | ' | ' |
Property, plant and equipment | 458,550 | ' | 463,567 | ' | ' | ' |
Deferred note issuance and other | 6,613 | ' | 5,555 | ' | ' | ' |
Deferred income tax | 5,500 | ' | 8,386 | ' | ' | ' |
Due from unrestricted group | 0 | ' | 0 | ' | ' | ' |
Total assets | 634,771 | ' | 641,795 | ' | ' | ' |
Accounts payable and other | 51,290 | ' | 47,844 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 0 | ' | 0 | ' | ' | ' |
Debt | 43,258 | ' | 40,000 | ' | ' | ' |
Total current liabilities | 94,548 | ' | 87,844 | ' | ' | ' |
Debt, Long Term | 422,776 | ' | 449,527 | ' | ' | ' |
Due to restricted group | 109,399 | ' | 102,311 | ' | ' | ' |
Unrealized interest rate derivative losses | 36,759 | ' | 50,678 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 0 | ' | 0 | ' | ' | ' |
Capital leases and other | 8,338 | ' | 7,863 | ' | ' | ' |
Deferred income tax | 0 | ' | 0 | ' | ' | ' |
Total liabilities | 671,820 | ' | 698,223 | ' | ' | ' |
Total shareholders' equity (deficit) | -29,350 | ' | -39,548 | ' | ' | ' |
Noncontrolling interest (deficit) (Note 9) | -7,699 | ' | -16,880 | ' | ' | ' |
Total liabilities and equity | 634,771 | ' | 641,795 | ' | ' | ' |
Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | 0 | ' | ' | ' |
Receivables | 0 | ' | 0 | ' | ' | ' |
Inventories | 0 | ' | 0 | ' | ' | ' |
Prepaid expenses and other | 0 | ' | 0 | ' | ' | ' |
Deferred income tax | 0 | ' | 0 | ' | ' | ' |
Total current assets | 0 | ' | 0 | ' | ' | ' |
Property, plant and equipment | 0 | ' | 0 | ' | ' | ' |
Deferred note issuance and other | 0 | ' | 0 | ' | ' | ' |
Deferred income tax | 0 | ' | 0 | ' | ' | ' |
Due from unrestricted group | -109,399 | ' | -102,311 | ' | ' | ' |
Total assets | -109,399 | ' | -102,311 | ' | ' | ' |
Accounts payable and other | 0 | ' | 0 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 0 | ' | 0 | ' | ' | ' |
Debt | 0 | ' | 0 | ' | ' | ' |
Total current liabilities | 0 | ' | 0 | ' | ' | ' |
Debt, Long Term | 0 | ' | 0 | ' | ' | ' |
Due to restricted group | -109,399 | ' | -102,311 | ' | ' | ' |
Unrealized interest rate derivative losses | 0 | ' | 0 | ' | ' | ' |
Pension and other post-retirement benefit obligations | 0 | ' | 0 | ' | ' | ' |
Capital leases and other | 0 | ' | 0 | ' | ' | ' |
Deferred income tax | 0 | ' | 0 | ' | ' | ' |
Total liabilities | -109,399 | ' | -102,311 | ' | ' | ' |
Total shareholders' equity (deficit) | 0 | ' | 0 | ' | ' | ' |
Noncontrolling interest (deficit) (Note 9) | 0 | ' | 0 | ' | ' | ' |
Total liabilities and equity | -€ 109,399 | ' | -€ 102,311 | ' | ' | ' |
Restricted_Group_Supplemental_3
Restricted Group Supplemental Disclosure (Combined Condensed Statements Of Operations) (Details) (EUR €) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Pulp | € 186,100 | € 205,122 | € 559,879 | € 590,597 | ' |
Energy and chemicals | 17,021 | 18,153 | 51,660 | 55,098 | ' |
Total revenues | 203,121 | 223,275 | 611,539 | 645,695 | ' |
Operating costs | 166,054 | 191,083 | 518,032 | 531,470 | ' |
Operating depreciation and amortization | 14,632 | 14,972 | 44,107 | 43,784 | ' |
Selling, general and administrative expenses | 9,437 | 10,006 | 27,695 | 28,688 | ' |
Restructuring expenses | 2,926 | 0 | 2,926 | 0 | ' |
Operating expenses | 193,049 | 216,061 | 592,760 | 603,942 | ' |
Operating income (loss) | 10,072 | 7,214 | 18,779 | 41,753 | ' |
Interest expense | -13,018 | -14,084 | -39,305 | -42,080 | ' |
Gain (loss) on derivative instruments | 1,978 | -883 | 12,091 | 1,336 | ' |
Other income (expense) | 172 | 517 | 108 | -261 | ' |
Total other income (expense) | -10,868 | -14,450 | -27,106 | -41,005 | ' |
Income (loss) before income taxes | -796 | -7,236 | -8,327 | 748 | ' |
Income tax benefit (provision) | -942 | -1,910 | -2,434 | -4,907 | ' |
Net income (loss) | -1,738 | -9,146 | -10,761 | -4,159 | ' |
Less: net income attributable to noncontrolling interest | -482 | -566 | -1,795 | -2,865 | -1,694 |
Net income (loss) attributable to common shareholders | -2,220 | -9,712 | -12,556 | -7,024 | ' |
Restricted Group [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Pulp | 105,794 | 112,777 | 311,575 | 326,411 | ' |
Energy and chemicals | 5,935 | 6,960 | 19,065 | 21,411 | ' |
Total revenues | 111,729 | 119,737 | 330,640 | 347,822 | ' |
Operating costs | 90,815 | 109,815 | 283,896 | 302,913 | ' |
Operating depreciation and amortization | 8,130 | 8,303 | 24,579 | 23,750 | ' |
Selling, general and administrative expenses | 5,608 | 6,392 | 16,968 | 18,319 | ' |
Restructuring expenses | 2,926 | ' | 2,926 | ' | ' |
Operating expenses | 107,479 | 124,510 | 328,369 | 344,982 | ' |
Operating income (loss) | 4,250 | -4,773 | 2,271 | 2,840 | ' |
Interest expense | -6,193 | -6,010 | -17,939 | -17,754 | ' |
Gain (loss) on derivative instruments | -1,060 | 353 | -1,827 | 1,972 | ' |
Other income (expense) | 1,791 | 1,665 | 4,946 | 3,405 | ' |
Total other income (expense) | -5,462 | -3,992 | -14,820 | -12,377 | ' |
Income (loss) before income taxes | -1,212 | -8,765 | -12,549 | -9,537 | ' |
Income tax benefit (provision) | -1,087 | -1,192 | -2,714 | -3,305 | ' |
Net income (loss) | -2,299 | -9,957 | -15,263 | -12,842 | ' |
Less: net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ' |
Net income (loss) attributable to common shareholders | -2,299 | -9,957 | -15,263 | -12,842 | ' |
Unrestricted Subsidiaries [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Pulp | 80,306 | 92,345 | 248,304 | 264,186 | ' |
Energy and chemicals | 11,086 | 11,193 | 32,595 | 33,687 | ' |
Total revenues | 91,392 | 103,538 | 280,899 | 297,873 | ' |
Operating costs | 75,239 | 81,268 | 234,136 | 228,557 | ' |
Operating depreciation and amortization | 6,502 | 6,669 | 19,528 | 20,034 | ' |
Selling, general and administrative expenses | 3,829 | 3,614 | 10,727 | 10,369 | ' |
Restructuring expenses | 0 | ' | 0 | ' | ' |
Operating expenses | 85,570 | 91,551 | 264,391 | 258,960 | ' |
Operating income (loss) | 5,822 | 11,987 | 16,508 | 38,913 | ' |
Interest expense | -8,472 | -9,473 | -26,309 | -28,449 | ' |
Gain (loss) on derivative instruments | 3,038 | -1,236 | 13,918 | -636 | ' |
Other income (expense) | 28 | 251 | 105 | 457 | ' |
Total other income (expense) | -5,406 | -10,458 | -12,286 | -28,628 | ' |
Income (loss) before income taxes | 416 | 1,529 | 4,222 | 10,285 | ' |
Income tax benefit (provision) | 145 | -718 | 280 | -1,602 | ' |
Net income (loss) | 561 | 811 | 4,502 | 8,683 | ' |
Less: net income attributable to noncontrolling interest | -482 | -566 | -1,795 | -2,865 | ' |
Net income (loss) attributable to common shareholders | 79 | 245 | 2,707 | 5,818 | ' |
Eliminations [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Pulp | 0 | 0 | 0 | 0 | ' |
Energy and chemicals | 0 | 0 | 0 | 0 | ' |
Total revenues | 0 | 0 | 0 | 0 | ' |
Operating costs | 0 | 0 | 0 | 0 | ' |
Operating depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ' |
Restructuring expenses | 0 | ' | 0 | ' | ' |
Operating expenses | 0 | 0 | 0 | 0 | ' |
Operating income (loss) | 0 | 0 | 0 | 0 | ' |
Interest expense | 1,647 | 1,399 | 4,943 | 4,123 | ' |
Gain (loss) on derivative instruments | 0 | 0 | 0 | 0 | ' |
Other income (expense) | -1,647 | -1,399 | -4,943 | -4,123 | ' |
Total other income (expense) | 0 | 0 | 0 | 0 | ' |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | ' |
Income tax benefit (provision) | 0 | 0 | 0 | 0 | ' |
Net income (loss) | 0 | 0 | 0 | 0 | ' |
Less: net income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ' |
Net income (loss) attributable to common shareholders | € 0 | € 0 | € 0 | € 0 | ' |
Restricted_Group_Supplemental_4
Restricted Group Supplemental Disclosure (Combined Condensed Statements Of Cash Flows) (Details) (EUR €) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) | -€ 1,738 | -€ 9,146 | -€ 10,761 | -€ 4,159 | ||||
Unrealized loss (gain) on derivative instruments | -2,398 | 883 | -12,774 | -1,336 | ||||
Depreciation and amortization | 14,694 | 15,054 | 44,298 | 43,992 | ||||
Deferred income taxes | -115 | 1,040 | 4,456 | -2,300 | ||||
Stock compensation expense | 621 | 891 | 1,194 | 1,753 | ||||
Pension and other post-retirement expense, net of funding | 124 | -73 | 457 | -128 | ||||
Other | 461 | 1,412 | 2,614 | 2,278 | ||||
Receivables | -696 | -14,122 | 11,349 | 901 | ||||
Inventories | -15,248 | 5,834 | -7,355 | 9,276 | ||||
Accounts payable and accrued expenses | 9,061 | 9,692 | 18,088 | 13,146 | ||||
Other | 77 | [1] | -2,239 | [1] | -6,413 | [1] | -901 | [1] |
Net cash from (used in) operating activities | 4,843 | 9,226 | 45,153 | 62,522 | ||||
Purchase of property, plant and equipment | -6,991 | -9,152 | -29,368 | -27,455 | ||||
Acquisition of noncontrolling interest | 0 | ' | 0 | ' | ||||
Proceeds on sale of property, plant and equipment | 233 | 48 | 248 | 387 | ||||
Proceeds on maturity of marketable securities | 0 | 10,213 | 0 | 12,221 | ||||
Net cash from (used in) investing activities | -6,758 | 1,109 | -29,120 | -14,847 | ||||
Repayment of debt and purchase of notes | -22,174 | -15,544 | -42,719 | -27,254 | ||||
Proceeds from issuance of notes and borrowings of debt | 39,607 | 0 | 56,607 | 0 | ||||
Repayment of capital lease obligations | -396 | -508 | -1,497 | -1,567 | ||||
Proceeds from (repayment of) credit facilities, net | -12,226 | 0 | 728 | 0 | ||||
Payment of note issuance costs | -1,794 | 0 | -1,794 | -1,621 | ||||
Proceeds from government grants | 0 | 778 | 4,147 | 3,100 | ||||
Net cash from (used in) financing activities | 3,017 | -15,274 | 15,472 | -27,342 | ||||
Effect of exchange rate changes on cash and cash equivalents | -1,367 | 221 | -1,576 | 764 | ||||
Net increase (decrease) in cash and cash equivalents | -265 | -4,718 | 29,929 | 21,097 | ||||
Cash and cash equivalents, beginning of period | 134,433 | 130,887 | 104,239 | 105,072 | ||||
Cash and cash equivalents, end of period | 134,168 | 126,169 | 134,168 | 126,169 | ||||
Restricted Group [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) | -2,299 | -9,957 | -15,263 | -12,842 | ||||
Unrealized loss (gain) on derivative instruments | 640 | -353 | 1,144 | -1,972 | ||||
Depreciation and amortization | 8,192 | 8,385 | 24,770 | 23,958 | ||||
Deferred income taxes | -115 | 1,040 | 1,309 | 2,956 | ||||
Stock compensation expense | 621 | 891 | 1,194 | 1,753 | ||||
Pension and other post-retirement expense, net of funding | 124 | -73 | 457 | -128 | ||||
Other | 75 | 543 | 778 | 66 | ||||
Receivables | -3,350 | -6,130 | 7,174 | -407 | ||||
Inventories | -5,366 | 1,693 | 3,004 | 3,946 | ||||
Accounts payable and accrued expenses | 2,517 | 9,800 | 11,143 | 12,180 | ||||
Other | -2,659 | [1] | -4,225 | [1] | -11,299 | [1] | -12,213 | [1] |
Net cash from (used in) operating activities | -1,620 | 1,614 | 24,411 | 17,297 | ||||
Purchase of property, plant and equipment | -2,199 | -6,380 | -7,446 | -19,413 | ||||
Acquisition of noncontrolling interest | -14,809 | ' | -14,809 | ' | ||||
Proceeds on sale of property, plant and equipment | 194 | 37 | 207 | 274 | ||||
Proceeds on maturity of marketable securities | ' | 10,213 | ' | 12,221 | ||||
Net cash from (used in) investing activities | -16,814 | 3,870 | -22,048 | -6,918 | ||||
Repayment of debt and purchase of notes | -544 | -544 | -1,089 | -2,671 | ||||
Proceeds from issuance of notes and borrowings of debt | 39,607 | ' | 39,607 | ' | ||||
Repayment of capital lease obligations | -122 | -234 | -366 | -600 | ||||
Proceeds from (repayment of) credit facilities, net | -12,226 | ' | 728 | ' | ||||
Payment of note issuance costs | -1,306 | ' | -1,306 | 0 | ||||
Proceeds from government grants | 0 | 0 | 0 | 2,322 | ||||
Net cash from (used in) financing activities | 25,409 | -778 | 37,574 | -949 | ||||
Effect of exchange rate changes on cash and cash equivalents | -1,367 | 221 | -1,576 | 764 | ||||
Net increase (decrease) in cash and cash equivalents | 5,608 | 4,927 | 38,361 | 10,194 | ||||
Cash and cash equivalents, beginning of period | 69,467 | 50,096 | 36,714 | 44,829 | ||||
Cash and cash equivalents, end of period | 75,075 | 55,023 | 75,075 | 55,023 | ||||
Unrestricted Subsidiaries [Member] | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income (loss) | 561 | 811 | 4,502 | 8,683 | ||||
Unrealized loss (gain) on derivative instruments | -3,038 | 1,236 | -13,918 | 636 | ||||
Depreciation and amortization | 6,502 | 6,669 | 19,528 | 20,034 | ||||
Deferred income taxes | 0 | 0 | 3,147 | -5,256 | ||||
Stock compensation expense | 0 | 0 | 0 | 0 | ||||
Pension and other post-retirement expense, net of funding | 0 | 0 | 0 | 0 | ||||
Other | 386 | 869 | 1,836 | 2,212 | ||||
Receivables | 2,654 | -7,992 | 4,175 | 1,308 | ||||
Inventories | -9,882 | 4,141 | -10,359 | 5,330 | ||||
Accounts payable and accrued expenses | 6,544 | -108 | 6,945 | 966 | ||||
Other | 2,736 | [1] | 1,986 | [1] | 4,886 | [1] | 11,312 | [1] |
Net cash from (used in) operating activities | 6,463 | 7,612 | 20,742 | 45,225 | ||||
Purchase of property, plant and equipment | -4,792 | -2,772 | -21,922 | -8,042 | ||||
Acquisition of noncontrolling interest | 14,809 | ' | 14,809 | ' | ||||
Proceeds on sale of property, plant and equipment | 39 | 11 | 41 | 113 | ||||
Proceeds on maturity of marketable securities | ' | 0 | ' | 0 | ||||
Net cash from (used in) investing activities | 10,056 | -2,761 | -7,072 | -7,929 | ||||
Repayment of debt and purchase of notes | -21,630 | -15,000 | -41,630 | -24,583 | ||||
Proceeds from issuance of notes and borrowings of debt | 0 | ' | 17,000 | ' | ||||
Repayment of capital lease obligations | -274 | -274 | -1,131 | -967 | ||||
Proceeds from (repayment of) credit facilities, net | 0 | ' | 0 | ' | ||||
Payment of note issuance costs | -488 | ' | -488 | -1,621 | ||||
Proceeds from government grants | 0 | 778 | 4,147 | 778 | ||||
Net cash from (used in) financing activities | -22,392 | -14,496 | -22,102 | -26,393 | ||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | 0 | ||||
Net increase (decrease) in cash and cash equivalents | -5,873 | -9,645 | -8,432 | 10,903 | ||||
Cash and cash equivalents, beginning of period | 64,966 | 80,791 | 67,525 | 60,243 | ||||
Cash and cash equivalents, end of period | € 59,093 | € 71,146 | € 59,093 | € 71,146 | ||||
[1] | Includes intercompany related transactions. |